The day of The Merge, Ethereum Classic’s hashrate soared to new highs tapping 306 terahash per second (TH/s) ten days ago on September 15. Since then, however, Ethereum Classic’s computational power has dropped 46.16% lower from the high to today’s 164.75 TH/s. Furthermore, ethereum classic’s market valuation has dropped by two positions and lost 26.7% against the U.S. dollar during the last two weeks.
Ethereum Classic’s Hashrate and Price Sinks, While the 2 New PoW Ethereum Forks Jump Higher in USD Value
After Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS) the lion’s share of Ethereum’s hashrate moved over to the Ethereum Classic (ETC) network. Data from 2miners.com shows ETC’s hashrate jumped to an all-time high on September 15, 2022, the day of The Merge.
That day, ETC’s computational power reached 306 TH/s after climbing 482.85% higher than the 52.5 TH/s recorded on September 12. Six days beforehand, ETC’s price tapped a high of $41.80 per unit on September 6. Both ETC’s USD value and computational power are down today after reaching record highs just prior to The Merge.
Today, data indicates that ETC’s overall hashrate is 164.75 TH/s, which is 46.16% lower than the all-time high recorded on September 15. On that day, ten days ago, the new ETHW network had not yet launched but when it did, ETHW gathered 79.42 TH/s in computational power.
ETHW’s hashpower has dropped, however, down to 45.97 TH/s according to metrics recorded by 2miners.com. While it’s not as much as ETC’s hashpower loss, ETHW shed 42.11% of its computational power since September 16. ETC lost 26.7% against the U.S. dollar during the last two weeks and roughly 16.5% in seven days.
ETHW, on the other hand, jumped 42% higher in the last seven days against the U.S. dollar. The other Ethereum-based PoW fork called ethereum fair (ETHF) has increased 45.7% against the USD this week. Moreover, the ETHF project team members recently changed the token’s ticker from ETF to ETHF.
Last week, data indicated that ETHF had roughly 8 TH/s of hashpower dedicated to the chain. Today, however, ETHF’s web portal state.etherfair.org is currently down right now and the current ETHF hashrate is unknown. Both ETH-based PoW coins have been added to a number of exchanges since they launched ten days ago.
What do you think about Ethereum Classic’s hashrate losing more than 46% since The Merge? What do you think about the other two Ethereum-based PoW tokens? Let us know what you think about this subject in the comments section below.
via Jamie Redman
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