Ethereum Classic Hash Rate Shoots Through the Rooftop as Proof-of-Stake Switch Nears

Ethereum Classic Hash Rate Shoots Through the Roof as Proof-of-Stake Switch Nears

Ethereum Classic, the native blockchain from which the current Ethereum network was forked, saw its native token ETC rise over the past 24 hours to a valuation of $40.03 (roughly Rs.3,200), according to data from CoinGecko at the time of writing. . .. This price advantage comes as the network’s hash rate – the level of CPU power needed to create new blocks on a network – hit 48.89 terahash per second (TH/s) on Monday, slightly the highest level on record before the reading Bit fell through Tuesday.

growing number In terms of hash rate recognized for the launch of the upcoming Ethereum ‘merge’ which is scheduled to go live on 15th September. In crypto terminology, hash rate refers to the amount of computing power that is used to block and process transactions. on a proof-of-work network.

The hash rate is also an effective standard for measuring the speed of a miner’s computer in completing these complex calculations. In a general practical sense, a hash rate is nothing but the number of times per second where computers on the network are “hashing data” and algorithmically solving complex strings of data to verify crypto transactions.

While Ethereum is working towards its much-anticipated transition to a Proof-of-Stake (PoS) mechanism, miners invested in the Proof-of-Work (PoW) consensus model appear to be contributing to the mining of Ethereum Classic , which goes with the PoW model.

Aside from the increase in miner activity due to the ‘merge’, another factor driving the value of ETC is, one of the largest cryptocurrency mining companies in the industry, announcing that it will launch Ethereum Classic Mining Support Due to Ethereum’s transition from proof-of-work to proof-of-stake networks.

The company launched its Ethereum Classic mining pool last week with an introductory zero fee for three months from September 1 to December 1. During this period, ETC miners in the pool will be exempted from mining fees.


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