Ethereum Classic hashrate soared by 200% in a month

by in Cryptocurrency News

Ethereum Classic

The computing power of the Ethereum Classic network has been growing over the past few weeks. Analysts attribute this trend to the connection of miners who left Ethereum before the Merge fork.

Within a month, the ETC hash rate soared over 200% from 30 terahesh per second (Th/s) to 66 Th/s. According to BitinfoCharts, on September 15, the Ethereum Classic hashrate reached 66.84 Th/s, which is a historical maximum for the blockchain.

Recall that as a result of the Merge update, the Ethereum network will switch to PoS consensus and become more energy efficient. Network activity on Ethereum Classic is also picking up. The average daily number of transactions in the middle of the current week reached 59,551.

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The underlying asset of the network, the altcoin ETC, has grown in value by 5.7% in the last 24 hours alone.

The coin managed to rise to 17th place in the ranking of the largest digital currencies, and today it is trading at around $37.9. Cryptocurrency capitalization exceeds $15.147 billion.