Ethereum Classic jumps nearly 12% as hash rate hits all-time high
2 minutes read
Ethereum Classic (ETC), a hard fork of Ethereum executed following the Hack DAO 2016reached an all-time high hash rate of 48.82 terra hashes per second (TH/s) yesterday, according to data from 2minors.
ETC, the native token of the Ethereum Classic network, has since jumped nearly 12% in the past 24 hours and is trading at around $35.6, according to data from CoinMarketCap.
The coin has jumped over 60% in the past 90 days from $21.40 to $35.6 today.
Hashrate is the total computing power used to mine and process transactions on a blockchain network.
Over the past month, Ethereum Classic hashrate has increased by 62.04%, from 30.08 TH/s on August 6 to its all-time high on Sunday.
Stepping back even further, the numbers are even more dramatic. The hashrate growth over the last 12 months is 105%.
Hashrate of ETC since its inception. Source: 2miners.com
The higher the metric, the more secure the blockchain, as high hash rates require extremely high computing power to compromise the network through a 51% attack.
In August 2020, for example, Ethereum Classic suffered its third attack at 51% when the total hash rate was 2.90 TH/s. Since then, the hashrate has increased by 1,606%, making the network more secure than ever.
Besides the hashrate, ETC’s mining difficulty hit an all-time high of 626.02T yesterday, according to data from 2minors.
The mining difficulty indicates the number of times a miner calculates the hash to mine new coins. The increase in mining difficulty is associated with a growing network of miners.
Merger event powering Ethereum Classic
The main reason for the increasing activity of Ethereum Classic miners can probably be attributed to the upcoming Ethereum merger later this month.
The merge event will take the network from a proof of work (PoW) one-to-one consensus proof of work (PoS) to reduce its carbon footprint and improve its efficiency.
However, the event is not without drawbacks.
The merger will render obsolete the current mining hardware deployed by crypto mining companies, forcing them to seek alternatives like Ethereum Classic, which continues to operate on traditional mining mechanisms.
In July, the crypto mining platform Antpool added $10 million support for Ethereum Classic to support its PoW consensus.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
Stay up to date with crypto news, get daily updates in your inbox.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.