Ethereum Classic hash rate shot up by 200% over last 30 days

Quick Take

  • Ethereum Classic’s hash rate has jumped from from 30 TH/s to 64 TH/s in the last 30 days.
  • The growth represents a spike in mining activity on the blockchain ahead of The Merge.
 

Ethereum Classic’s hash rate has surpassed 64 terahashes per second (TH/s), having grown more than 40% during September ahead of The Merge.

Hash rate, also called hash power, is a measure of crypto mining output. It is a metric that represents the amount of computing power used in generating a single block on a proof-of-work blockchain.

According to data from mining pool 2miners, Ethereum Classic’s hash rate has witnessed a 200% growth in the last 30 days, going from 30 TH/s on August 15 to now at its all-time high 64 TH/s. This accounts for only 7.6% of Ethereum’s hash rate of roughly 832 TH/s

The rapid growth comes as Ethereum — a blockchain that forked away from Ethereum Classic in 2016 — is about to change its consensus from proof of work to proof of stake in what’s called The Merge. This is estimated to take place around 1 am ET on September 15.

After The Merge, Ethereum will no longer support mining operations, forcing miners to migrate to other proof-of-work blockchains. As such, it is expected that Ethereum's hash rate will flow to other proof-of-work networks.

With Ethereum shutting its proof-of-work consensus, miners have announced their migration plans to Ethereum Classic amongst many other proof-of-work blockchains. A blog post from 2 Miners said that mining on Ethereum Classic and others like Ravencoin and Ergo is the “safest post-Merge strategy” at least in the first few days after the event. 

In July, AntPool, a mining pool operated by mining giant Bitmain, first signaled support for Ethereum Classic and made a $10 million investment in its ecosystem. Ethermine, the largest mining pool on Ethereum, announced support for Ethereum Classic as well.

Ethereum Classic’s mining algorithm called Ethash is compatible with mining equipment used on Ethereum. Due to this, the native crypto asset on Ethereum Classic called ETC can be mined with the same GPU and ASIC-based mining machines manufactured previously for Ethereum.

For the latest news and updates about The Merge, make sure to check out our live coverage.

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is a reporter who has covered the ins and outs of the tech industry for more than half a decade. Prior to joining The Block, Vishal worked for media firms like Crypto Briefing, IDG ComputerWorld and CIO.com. Follow him on Twitter @vishal4c.