Ethereum Classic(ETC) is experiencing a surge in hashrate due to increased interest from miners ahead of the upcoming Ethereum Merge.
With many Ethereum miners moving from the Proof of Work consensus to the Proof of Stake, they are looking for a new outlet for mining. The fact that miners are moving their operations to Ethereum Classic (ETC) has caused an increase in the hashrate of ETC.
Ethereum Miners Switch to Ethereum Classic
Ethreum Classic was the network that Ethereum miners most preferred to switch to to continue their operations. BitwiseInvest researcher Gayatri Dhumal According to data shared by Ethereum Classic (ETC), its hashrate has increased by 83 percent since June. In addition, the Ethereum (ETH) hashrate decreased by 11 percent during the same period.
Stat of the day 👇🏼
Since June 2022:
ETH Hashrate ⬇️ 11%
ETC Hashrate ⬆️ 83%— Gayatri (@GayatriPC_) August 30, 2022
Wondering opinions on the subject Ethereumfounder Vitalic Buterine He had given his opinion on the subject. Canadian programmer described it as a good alternative for miners. ETC showed a notable rise after Leon Lv, CEO of cloud mining firm Antpool, announced a $10 million investment in the chain. It is predicted that the hashrate in Ethereum Classic will continue to increase in the coming days.
