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Hashrate Increases By A Record Amount As Ethereum Classic Gains Over 24%

As of Tuesday AM in Asia, the hash rate of ETC, the Ethereum Classic coin, has increased by double digits over the previous 24 hours as miners searched for alternatives ahead of the “Merge.”

According to CoinMarketCap data, the native token of Ethereum Classic, the first blockchain from which the current Ethereum (ETH) network was forked, increased 24.4% the previous day to trade at US$40.38 at 9:40 a.m. in Hong Kong.

The network’s hash rate reached a record high of 48.89 terahashes per second (TH/s) on Monday before slightly declining to 45.99 TH/s on Tuesday morning, according to data from 2miners.com.

The amount of computational power needed for mining and processing transactions, or the “ETC hashrate level,” was 29.85 TH/s on August 7.

While miners who are invested in the proof-of-work (PoW) consensus model have been seen contributing to mining Ethereum Classic, which follows the PoW model, Ethereum is working toward its highly anticipated transition to a proof-of-stake (PoS) mechanism.

One of the biggest mining pools, BTC.com, revealed last week that it would start offering zero-fee ETC mining on September 1 for a three-month period.

On the previous day, ETH increased 5.23% to trade hands at US$1,661.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.