Ethereum Classic network power skyrocketed by 280% after Merge fork

by in Cryptocurrency News

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The hashrate of the Ethereum Classic network has been growing since the end of July. The increase in capacity was the result of the arrival of miners who left Ethereum due to the upcoming Merge fork and ETH’s refusal of the PoW consensus in favor of PoS (Proof-of-Stake).

The explosive growth in the power of Ethereum Classic occurred almost immediately after the Merge upgrade. The ETC hashrate soared by 280% in just 24 hours from 62 terahesh per second (Th/s) to 183 Th/s.

Over the weekend, the network hashrate set a new record, exceeding 236 Th/s on September 17, according to data from the BitinfoCharts service.

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The power of Ethereum Classic has increased by almost 500% in a month. Ethereum founder Vitalik Buterin himself urged miners to switch to ETC to maintain performance after the transition of ETH to the PoS algorithm.

In addition to ETC, miners can join other networks using PoW consensus - Ergo, Ravecoin, and Flux. According to 2Miners, these blockchains also saw strong growth after the Merge upgrade.

The Dogecoin network also uses PoW. Its hash rate has been increasing since the end of August. A few days before the Ethereum upgrade, the DOGE hashrate reached 487.273 Th/s, the highest value since the beginning of June 2022.