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- After ETH had launched its most anticipated upgrade, Merge, miners started to shift their rigs to the other networks.
- After Merge, the Hash Rate of ETC, Ravencoin, and Ergo has now skyrocketed.
Ethereum Classic (ETC), a hard fork of Ethereum implemented after the 2016 DAO hack, witnessed its platform hash climb approximately 300% from 66.54 terra hasses per second (TH/s) yesternight. To 265.43 TH/s this day, according to the data from 2miners.
The immense growth of hash rate can possibly be credited to the Ethereum merge today. After the introduction of the latest upgrade, ETH is not working on the power-consuming proof-of-work (PoW) mechanism and the mining equipment that backs it.
That similar thing is done by mining hardware, but even now, it backs Ethereum Classic’s Ethash mining mechanism, which might be the reason for the recently grown hash rate of the network.
Hash rate calculates the overall calculational energy utilized to mine and complete transactions on a blockchain platform. Hash rate is directly proportional to the decentralized network with high levels of security.
If we take an example from August 2020, a very low hash rate of 2.9 TH/s came out to be a reason for a 51% attack on Ethereum Classic. From that time, the hash rate has witnessed a significant growth of 9,052%, taking the network to higher security than it ever had.
Soared Hash Rate
ETC, a native coin of Ethereum Classic, is above 2.81% in just one day and is trading at $38.18, in line with the data from CoinMarketCap. The overall trading volume of Ethereum over various platforms is over 85.47% in the past day.
Other blockchain networks based on PoW mechanisms like Ravencoin and Ergo have also witnessed a hike in hash rates after Merge.
Ravencoin is centered on the X16R mining consensus mechanism, and it has witnessed its hash rate go double from 8.29 TH/s to 18.47 TH/s in the last 24 hours, in line with data from 2miners.
Ergo has also seen its hash rate going over 372% in the past 24 hours, from 29.05 TH/s to 157.56 TH/s presently. ERG, is the native token of Ergo, is also over 14.51% to $4.93 in the last day.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
