Ethereum Classic Hash Rate Soars 280% In A Single Day
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Ethereum Classic Hash Rate
According to data from mining pool 2Miners, the hash rate of Ethereum Classic has increased by 500% during the past 30 days. With the PoS upgrade, mining is no longer necessary for Ethereum. So, Ethereum's successful switch from a Proof-of-Work to a Proof-of-Stake consensus caused the hash rate to skyrocket. Ethereum miners had spent billions of dollars on mining hardware before the Merge. Therefore, Ethereum's hash rate was anticipated to transfer to other Proof-of-Work chains after the Merge. Mining pools had already discussed expanding to Ethereum Classic around the time of the Merge since they saw it as a competitive Proof-of-Work blockchain to Ethereum.
Ethash Mining Algorithm
The Ethash mining algorithm used by Ethereum Classic works with Ethereum's mining hardware. ETC, Ethereum Classic's native cryptocurrency, can be mined using the same GPU and ASIC-based mining equipment created for Ethereum. The largest Ethereum Classic mining pool, Ethermine, contributes approximately 57 TH/s from 30,647 unique miners, according to the most recent data. Before the Merge, Ethermine was the dominant Ethereum mining pool.
The largest mining pool for Ethereum will no longer provide services to the network, as previously indicated. After the Ethereum network transitions to Proof-of-Stake, it will stop giving Proof-of-Work services and won't offer benefits to the upcoming Proof-of-Work forks.