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All time high, Antpool, Block Height, ETC, ETC Mining, ETH mining, Ethereum, Ethereum (ETH), Ethereum Classic, ethereum classic (ETC), Ethermine, Hashpower, MH/s, Miners, mining, Mining ETC, PH / s, Terahash, TH/s
Ethereum Classic Hashrate Hits Another All-Time High, ETH Hashpower Remains Unchanged – Bitcoin News
On August 31, 2022, Ethereum Classic’s hash rate reached another all-time high (ATH) this year with block height 15,850,811. Ethereum Classic’s global hash power surpassed the 40 Terahash per second (TH/s) region on Wednesday. Despite the network’s hash rate rising a lot, Ethereum’s hash rate remains relatively unchanged with just over 1000 TH/s dedicated to the network.
66 mining pools dedicate more than 1000 terahash to Ethereum, network hashrate remains stable and unchanged
At the time of writing, Ethereum’s total difficulty is 12374533505752422, and when the total difficulty reaches 58750000000000000000 in about 13 days, the network will transition from a proof-of-work (PoW) network to a proof-of-work (PoW) via The Merge.
Once the transition is codified into the codebase, ethereum (ETH) miners will no longer be able to mine the digital currency. There are approximately 66 Ether mining pools currently dedicating Ethash hashrate against Ethereum and they represent 1.04 petahash per second (PH/s) or 1040 (TH/s) of hashpower.
When the change happens, Ethash miners will have to mine a different network and they can choose blockchains like Ethereum Classic, Ravencoin, Beam and Ergo. It has been widely reported over the past two months that many believe the Ethereum Classic (ETC) network will reap the benefits of ethereum miners migrating to another chain.
In fact, ETC has seen an increase in recent times, and on August 31, 2022, the network hash rate reached an ATH of 40.73 TH/s at block height 15,850,811. However, while Ethereum’s hash rate has dropped somewhat in late June, it has remained roughly same since 1 July 2022.
Ethereum Classic could see a massive surge of dedicated hash power over the next two weeks
Ethereum’s hash rate registered a slight increase in the last 62 days, and the additional terahash is the same amount of hash power that secures the entire ETC chain. Ravencoin, Beam and Ergo hashrates may have recorded small increases in terms of hash power, but nothing compared to the increase ETC recorded since the first week of August 2022.
ETC’s hashrate has reached record highs several times this week, and over the past 24 hours. With statistics showing that ethereum miners are likely to continue mining ether all the way to the end (The Merge), Ethash consensus chains like ETC could see a massive surge of dedicated hashpower over the next two weeks.
A number of major mining pools including Ethermine and Antpool have stated that they planned to stop mining ether in a PoW manner and will support the ETH 2.0 transition. Furthermore, Ethermine announced the launch of a floating staking service dedicated to the ETH 2.0 chain, and Antpool once said it dedicated $10 million in resources to the Ethereum Classic ecosystem.
Both mining pools (Ethermine, Antpool) and many others are already mining ETC and suggest that the pool participants choose another Ethash consensus chain such as ETC, RVN, BEAM or ERGO when the merger takes place. When the hashrate wave will come is anyone’s guess, as mining ethereum (ETH) is extremely profitable compared to mining coins that utilize other consensus algorithms.
Statistics on Thursday, September 1, 2022, at 11:00 AM (EST) indicate that Bitmain’s new Ethash miner Antminer E9 with 2400 megahashes per second (MH/s) can get an estimated $47.72 per day in profit. An Innosilicon A11 with 1500 MH/s can get an estimated $26.52 per day in ether profit.
What do you think about Ethereum Classic’s hashrate losing an all-time high on August 31st? When do you expect one of these Ethash consensus networks to have a surge of hashpower? Let us know what you think about this topic in the comments section below.
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