According to Thursday’s statistics, Ethereum Classic’s hashrate, a measure of the total power used for mining, increased by 280% in a single day following the Ethereum merge. According to industry estimates, ETC’s terahash per second (Th/s) increased from 64 to 183 Th/s. This indicator indicates that miners who left the ETH network have switched to ETC because Ethereum mining hardware is still compatible with the Ethereum Classic mining chip, Ethash.
On September 15, Ethereum, the second most popular cryptocurrency after Bitcoin, announced its most significant upgrade to transition the network from Proof of Work (PoW) to Proof of Stake (PoS) consensus. In addition, it has rendered many miners on the Ethereum network unemployed as the network’s transition to PoS has eliminated the need for mining. However, because the billions of mining accessories purchased cannot be thrown away, miners gravitate toward Ethereum Classic (ETC) to continue their work.
Despite the fact that the sudden increase in hashrate coincides with the Ethereum merger, the ETC’s hashrate has been increasing for some time. For example, in the previous month, the ETC hashrate increased by nearly 500%.
Vitalik Buterin, the founder of Ethereum, has been encouraging miners to migrate to Ethereum Classic to continue their work, citing the transition to PoS. Vitalik elaborated in a statement,“Who here wants to cancel Proof of Stake?…There are plenty of blockchains, like there is Ethereum Classic, which is the original Ethereum which did not betray the vision by forking TheDAO. It’s a very welcoming community and I think they’ll definitely welcome Proof of Work fans…If you like Proof of Work, you should go use Ethereum Classic. It’s a totally fine chain.”
Apart from miners migrating to Ethereum Classic following the merger, they also expressed interest in other PoW platforms such as Ergo, Ravecoin, and Flux. Similarly, 2Miners, a mining data analysis firm, concluded that Ergo’s network grew 400% in 24 hours following the merger, with the hashrate sitting at 137 Th/s. In the day following the merge, the hashrate of Ravecoin increased from 9 Th/s to 14.34.