
Merge event fueling Ethereum Classic
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$115,383.00
-1.86%$3,641.19
2.85%$3.08
1.75%$759.33
1.31%$178.89
-2.30%$0.999872
-0.00%$0.226655
0.58%$3,635.89
2.97%$0.315033
3.67%$0.800405
3.67%$115,287.00
-1.90%$4,393.42
2.98%$42.45
0.81%$0.416733
2.55%$3.66
3.21%$17.56
0.97%$3,911.43
2.14%$524.82
6.16%$3,902.48
3.05%$0.23783
1.73%$23.21
1.44%$111.57
3.54%$8.97
-0.31%$3,641.09
2.79%$0.00001338
1.94%$3.11
1.80%$0.999864
-0.01%$1.003
0.12%$0.994384
-0.88%$43.28
-0.91%$115,413.00
-1.81%$327.22
5.11%$10.06
3.16%$3.94
-0.13%$4.43
-2.03%$0.000012
0.16%$286.88
2.34%$0.128625
8.83%$1.19
-0.02%$409.27
0.31%$0.440203
0.11%$21.90
1.37%$2.68
2.25%$0.493199
14.72%$0.99667
3.68%$4.63
2.52%$5.42
1.49%$217.82
-1.42%$47.52
-1.47%$0.00003419
5.86%$0.097672
1.59%$0.738201
-3.49%$1.00
0.00%$0.03737227
-2.41%$0.257115
1.45%$0.999945
-0.06%$3,612.13
1.03%$0.423429
1.75%$0.02469206
2.94%$4.60
1.86%$4.01
3.40%$17.28
1.11%$0.228343
3.74%$1.12
1.91%$9.77
0.95%$4.50
0.10%$0.72131
-0.49%$0.315616
1.93%$0.084421
4.65%$189.36
-2.76%$2.56
1.61%$1.06
-0.02%$118.60
2.24%$4,149.18
2.92%$115,169.00
-1.64%$3,816.72
2.72%$1.73
1.75%$0.529276
-2.98%$0.02269226
5.14%$4.99
-0.49%$11.99
-0.19%$5.14
1.99%$0.999314
-0.08%$1.026
11.30%$1.001
0.30%$3,830.38
2.96%$0.084469
1.94%$0.999921
0.09%$1.36
-0.89%$3,899.65
3.34%$1.33
2.39%$3,935.91
2.42%$1.82
2.16%$13.38
2.57%$1.00
-0.03%$3,829.02
2.87%$0.759781
-2.50%$0.00012426
2.59%$0.684588
3.94%$115,618.00
-0.68%$201.00
-1.60%$0.325701
-0.13%$1.028
-0.82%$0.537944
1.56%$756.88
0.19%$0.100946
0.95%$1.52
-1.10%$0.995635
-0.84%$0.361825
-2.34%$3,362.41
-0.51%$1.054
-0.07%$0.161034
2.50%$27.77
3.91%$115,676.00
-1.29%$1.11
-0.01%$2.62
2.08%$116,497.00
-1.05%$0.852674
-0.23%$234.23
-1.51%$0.173804
5.99%$0.00250428
-15.22%$0.558934
-0.09%$3,633.03
3.06%$0.999328
-0.06%$0.843865
0.61%$3,356.96
-0.47%$0.01659568
0.98%$3,639.80
2.44%$9.81
-9.59%$0.198939
1.19%$2.91
0.48%$0.01693662
1.23%$3,896.13
3.76%$0.878314
1.13%$3,767.70
0.76%$0.627055
35.70%$0.294242
1.53%$4.28
2.18%$111.92
0.01%$0.122536
0.70%$1.94
-1.64%$1.092
0.19%$0.998573
-0.06%$0.9999
-0.01%$0.00000067
-0.23%$115,262.00
-1.99%$39.59
-0.68%$0.398233
1.25%$3,641.89
2.62%$0.369181
-13.29%$3.30
-2.20%$0.00872638
1.15%$1.87
5.10%$0.306412
2.92%$0.581651
8.25%$0.421668
-0.34%$0.997531
-0.02%$0.226152
-2.12%$3,872.97
3.14%$28.12
4.09%$0.999824
-0.01%$0.00000143
3.59%$115,335.00
-1.54%$115,231.00
-2.34%$0.543483
-0.10%$3,642.63
2.84%$0.00586735
-6.24%$1.00
-0.03%$0.054062
2.64%$0.074552
1.51%$0.01537108
-1.23%$4,013.44
2.82%$0.640875
2.93%$1.45
2.39%$42.49
1.66%$0.999443
0.23%$0.00838137
1.49%$3,962.56
2.22%$0.403987
2.08%$1.16
-0.02%$7.24
2.56%$1.11
4.29%$0.00000046
2.45%$0.606737
2.66%$0.126715
2.59%$6.39
0.69%$15.77
0.06%$4,406.77
3.07%$47.15
0.28%$3,632.24
2.70%$0.958213
5.61%$0.00002175
1.51%$10.76
0.01%$0.171013
2.06%$0.392131
0.93%$0.9999
0.01%$3,640.49
2.43%$0.416542
18.25%$0.199773
-4.82%$7.29
3.04%$2.49
1.26%$1.001
0.74%$1.014
2.51%$1.094
-0.01%$1.28
1.95%$4.95
7.53%$0.00785805
5.51%$0.04074342
1.34%$13.39
-0.06%$0.999705
-0.01%$42.15
1.34%$0.05406
3.06%$23.14
-0.66%$0.081478
4.31%$0.272337
1.31%$0.560265
-0.46%$141.14
1.09%$195.84
-1.71%$0.03704115
2.82%$1.33
-0.03%$28.11
-0.63%$0.00360751
5.10%$0.54683
0.90%$22.00
0.71%$0.01879066
4.83%$0.136922
2.89%$0.03316883
6.87%$0.358777
-0.53%$115,340.00
-0.73%$0.763612
2.55%$0.00006126
2.12%$0.00397222
8.75%$115,402.00
-1.80%$0.00495511
4.58%$0.736531
0.74%$0.228068
3.44%$0.785963
2.34%$0.00387421
0.68%$0.999734
-0.00%$0.319959
11.02%$1.33
-0.64%$0.00000076
0.88%$3,815.98
1.99%$4,103.78
2.85%$0.998151
-0.04%$0.994297
-1.00%$0.760188
1.16%$0.00338889
0.25%Reading
Ethereum Classic (ETC), a hard fork of Ethereum executed following the 2016 DAO hack, hit an all-time high record hash rate of 48.82 terra hashes per second (TH/s) yesterday, per data from 2miners.
ETC, the native token of the Ethereum Classic network, has since jumped nearly 12% over the past 24 hours and trades at around $35.6, according to data from CoinMarketCap.
The coin has surged over 60% in the past 90 days from $21.40 to $35.6 today.
Hashrate is the total computational power used to mine and process transactions on a blockchain network.
Over the past month, Ethereum Classic’s hashrate has increased by 62.04%, from 30.08 TH/s on August 6 to its all-time high on Sunday.
Stepping back even further, and the figures are even more dramatic. The hashrate growth over the past 12 months is a whopping 105%.
The higher the metric, the safer the blockchain, as high hash rates require immensely high computational power to compromise the network via a 51% attack.
In August 2020, for example, Ethereum Classic suffered its third 51% attack when the total hash rate was 2.90 TH/s. Since then, the hashrate has increased by 1,606%, securing the network more than ever.
Apart from hashrate, ETC’s mining difficulty reached an all-time high of 626.02T yesterday per data from 2miners.
The mining difficulty shows the number of times a miner calculates the hash to mine new coins. Increased mining difficulty is associated with a growing miner network.
The primary reason behind the increasing miner activity of Ethereum Classic can likely be attributed to the upcoming Ethereum merge later this month.
The merge event will transition the network from a proof-of-workproof-of-work (PoW) consensus to a proof-of-workproof-of-work (PoS) consensus to reduce its carbon footprint and improve its efficiency.
The event isn’t without its downsides, though.
The merge will make current mining hardware deployed by crypto mining companies obsolete, forcing them to look for alternatives like Ethereum Classic, which continues to operate under traditional mining mechanisms.
In July, the crypto mining platform Antpool added a $10 million backing for Ethereum Classic to back its PoW consensus.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Former UFC star Ben Askren had been out of the hospital for less than a day before he promoted an apparent crypto scam—a Solana meme coin that “rug pulled” its investors only hours after it launched. The token—dubbed “FUNKY,” Askren’s nickname in both wrestling and professional mixed martial arts—appeared to come as part of a paid promotion through notorious celebrity coin creator Sahil Arora, who has made a name for himself through similar schemes. Since late May, Askren has been battling a se...
A Bitcoin whale on Thursday moved its $469 million crypto fortune after holding it for more than 14 long years, blockchain data shows. The investor—which could be a person or a company—loaded up on Bitcoin back in 2011, data from Arkham Intelligence shows. It then sat virtually unmoved, apart from some tiny transactions, until Thursday morning Eastern Time, when over 3,962.6 BTC was transferred to a new wallet. The latest address had no previous movements, and had not been tagged as an exchang...
After XRP hit a new all-time high earlier this week, the CEO of Ripple warned of scams targeting users of the cryptocurrency. XRP touched $3.65 earlier this week before retreating sharply, logging a 15% pullback over three days, according to data from CoinGecko. Trading volumes remain elevated, with more than $17.4 billion in XRP changing hands over the past 24 hours. Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community -- PLEASE BEWARE of the...