Ethereum Classic noticed its hashrate balloon when Ethereum lastly moved to a proof of stake mechanism. The miners who had been being kicked out of the community and will not use their machines had switched to others corresponding to Ethereum Classic and Ravencoin to place their very particular machines to make use of. At the time, ETC’s hashrate had grown greater than 200%, however now the community is seeing its hashrate fall as soon as extra.
Ethereum Classic Hashrate Down By Almost 50%
On Sep. 16, the mining hashrate of the Ethereum Classic community reached a brand new all-time excessive of 199.4 terahashes per second (TH/s) after climbing steadily for greater than per week. With this progress had come extra utilization on the community, triggering staggering progress in its value.
However, because the Ethereum community has settled into its proof of stake (POS) consensus mechanism, the Ethereum Classic hashrate is correcting downwards. Hashrate is now down almost 50% in the last 3 months to be sitting at 109.3 TH/s on Dec. 22.
ETC hashrate down virtually 50% in 3 months | Source: Coinwarz
The decline will also be attributed to the bear market and the muted curiosity from traders. Since bitcoin’s value touched beneath $20,000, the entire cryptocurrencies within the area have seen an identical decline. Ravencoin, one other proof of labor community that obtained huge consideration following Ethereum’s transfer to proof of stake, has additionally seen its hashrate plummet within the final 3 months.
Ravencoin’s hashrate now sits at 9.49 TH/s in comparison with its Sep. 22, 2022 peak of 17.59 TH/s. Meanwhile, different main proof of labor networks together with Litecoin and Dogecoin has seen a rise in mining hashrate, whereas bitcoin stays largely round 250 exahashes per second (EH/s).
What About ETC Price?
ETC, the native cryptocurrency of the Ethereum Classic community, was principally on a rollercoaster within the three months since Ethereum moved to proof of stake. At first, because the community started to get extra consideration, ETC’s value had risen drastically. It finally peaked above $42 earlier than beginning one other downtrend.
At present costs, the digital asset has misplaced over 68% of its worth from September 2022 and continues to be very bearish. A whole lot of consideration had additionally moved on to Dogecoin, a proof-of-work cryptocurrency that noticed a surge in value following Elon Musk’s takeover of Twitter.
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ETC value down 68% in 3 months | Source: ETCUSD on TradingView.com
Obviously, this improve within the value of DOGE had incentivized miners to maneuver over to Dogecoin, finally taking share from Ethereum Classic. As curiosity fell, so did the mining hashrate and value naturally adopted the identical pattern.
ETC now sits beneath its 100-day shifting common, which implies that traders predict decrease costs to come back. It is buying and selling at $16.41 on the time of this writing, down 11% within the final 7 days.
Featured picture from Crypto News Flash, chart from TradingView.com
