Hashrate for Ethereum Classic Hits an All-Time High Experiencing a 39% Increase

The latest data surrounding the hashrate for Ethereum Classic (ETC) shows that it has hit an all-time high. The report shows that the block has hit a height of 15,776,674.

ETC’s Hashrate Hit 38.37 TH/s

According to the latest report collected by the blockchain data analyzing firms, Ethereum Classic’s hashrate has hit an all-time high of 38.37 terahash per second (TH/s).

Starting Wednesday, the hashrate for Ethereum Classic started to record a significant rise. The surge continued growing and on August 20, 2022, its hashrate had jumped 39.22%.

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The previous ATH for Ethereum Classic was at 27.56 TH/s. However, as the hashrate surged to 39.22%, it went all the way up to 38.37 TH/s.

ETC’s New Mining Block Height was reached

It has been almost six years since Ethereum Classic has been around. However, it is for the first time in these many years that the block for Ethereum Classic has hit the block height at 1,920,000.

The information gathered surrounding the hashrate of ETC suggests that at the block height of 15,776,674, ETC had hit hashrate of 38.37 TH/s.

The Merge Upgrade Approaches

The ETC chain is where the hashrate has been added. This is because Ethereum (ETH) blockchain will soon be moving to a new protocol known as “PoS”.

The particular consensus protocol will be in place with the implementation of “The Merge” upgrade. The upgrade is set to take place on the 15th of September.

Largest Mining Pool for Ethereum Classic

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The largest mining pool for Ethereum Classic is “Ethermine”. The particular mining pool is responsible for generating a hashrate of 8.05 TH/s.

The second-largest mining pool for Ethereum Classic is Poolin’s. The particular mining pool is responsible for generating a hashrate of 8.02 TH/s.

The combined hashrate recorded on Ethermine and Poolin’s is 16 TH/s. This means that over 40% of the total ETC hashrate is generated by both firms combined.

Initiation of Ethereum Classic

Ethereum Classic was initiated after a hack took place on the decentralized autonomous organization (DAO) in 2016.

The first block for Ethereum Classic was mined back on the 20th of July 2016. As per many proponents of ETC, it is the original Ethereum on the blockchain.

No Difficulty Bomb for ETC

As per the Ethereum Classic developers, they are fully committed to the proof-of-work consensus protocol.

Therefore, they removed the difficulty bomb for ETC to stay committed to the PoW consensus. The difficulty bomb on ETC was placed by the developers at the block height of 5,900,000.

Ever since the news of Ethereum switching to the PoS consensus has come out, people have started moving towards ETC. This is because ETC has remained committed to the PoW protocol and is very beneficial for investors.

In the past 7-days, the trading price of ETC has risen 10.38% and it is currently at a high of $37.05.

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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