Ethereum Classic's hash rate soars 280% in a single day

Since The Merge, a lot of hash rate has flown to Ethereum Classic — as miners are no longer able to mine Ethereum. The post Ethereum Classic's hash rate soars 280% in a single day appeared first on The Block.

Timeline of Ethereum-classic

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Ethereum Classic [ETC] has posted sizeable gains in the past two weeks as the bulls refused to let the price slide beneath the $30 mark.

Ethereum Classic (CRYPTO: ETC) was showing strength in comparison to many other cryptos Wednesday, surging up about 7% at one point, compared to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were trading near flat. Ethereum Classic may be showing strength ahead of Ethereum's Merge, which takes Ethereum from proof-of-work to proof-of-stake, with one of the aims of lowering its environmental impact.

The Ethereum Merge is scheduled to go live in less than a day, which would move the network completely from a proof of work mechanism to a proof of stake mechanism. This essentially puts Ethereum miners out of business, meaning they have to find somewhere else to move their mining machines to.

Ethereum classic rebounded on Wednesday, following three consecutive days of declines. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow's merge event. On the other hand, Solana remained lower, with prices falling by over 8% today.

Ethereum Classic's hash rate has surpassed 64 terahashes per second (TH/s), having grown more than 40% in September ahead of The Merge. The post Ethereum Classic hash rate shot up by 200% over last 30 days appeared first on The Block.

According to Watcher Guru, we are only 12,554 away from the Ethereum Merge, which is expected to happen at 1:09 on September 15 (CST). By then, Ethereum will have transitioned to PoS, a major blow to PoW miners in the network.

Amidst preparations for the Ethereum Merge, ETC Group made a shocking announcement on Wednesday. The digital assets and blockchain equity provider declared its plan to continue using Ethereum's proof-of-work consensus for its current Ethereum exchange-traded products.

Ethereum Classic (CRYPTO: ETC) is trading lower by 8.03% to $35.27 Tuesday morning after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

The overall crypto market shows signs of price reversal from the downtrend, boosting investors' confidence. To start with, the week started well for BTC as the market saw its price above $22K.

ETC Group, which claims to be one of Europe's leading specialist providers of institutional-grade digital asset-backed securities, has announced that it will “list a new exchange traded product on XETRA based on the imminent hard fork of Ethereum and ETHW (the native asset to the