Ethereum Classic (ETC), a hard fork of Ethereum implemented after the 2016 DAO breach, set a new record hash rate of 48.82 tera hashes per second (TH/s) yesterday.
This increase follows last week’s decline throughout risk asset markets, which dropped Bitcoin (BTC/USD) below $20,000 and Ethereum (ETH/USD) to a low of $1,483, and continues the altcoin’s recent increases as it approaches the highly anticipated Merge.
As Ethereum prepares to convert from proof-of-work to proof-of-stake, Ethereum Classic is witnessing an inflow of miners joining the network. The upgrade is slated to take place the next week. The additional processing power has pushed the Ethereum Classic hashrate to a record high, suggesting that miners see ETC as a worthwhile investment for deploying their mining equipment.
According to data, the hashrate of the cryptocurrency reached 47,3 terahashes per second (TH/s), the most for the blockchain. From July through mid-August, the measure stayed at 31 TH/s before surging to 43 TH/s, a new record.
As the hash rate of Ethereum Classic approaches new heights, it is worth recalling that the ETC price has historically risen in response to Merge-related news.
Hashrate is the total amount of processing power used to mine and process transactions on a blockchain network.
chart by Messari
Messari, a supplier of crypto market analytics and analysis, reports that the past three incidents occurred around the Berlin upgrade, the Ethereum EIP 1559 upgrade, and the July announcement of the Merge date.
In the last month, the hashrate of Ethereum Classic has climbed by 62.04 percent, from 30.08 TH/s on August 6 to its all-time high on August 26.
When seen from a greater distance, the figures are much more striking. In the last year, the hashrate has increased by a staggering 105%.
The higher the metric, the more secure the blockchain, since a 51% assault against a network with a high hash rate requires an enormous amount of processing power.
For instance, Ethereum Classic experienced its third 51% assault in August 2020, when the overall hash rate was 2.90 TH/s. Since then, the hashrate has climbed by 1,606%, further safeguarding the network.
Aside from hashrate, ETC’s mining difficulty surpassed 626.02T yesterday, according to statistics from 2miners. The mining difficulty indicates how many times a miner must compute the hash in order to mine new coins. A rising network of miners is related to a rise in mining difficulty.
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