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Just before the Ethereum network switched from a proof-of-work (PoW) to a proof-of-stake (PoS) blockchain, Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic has a hashrate of 214.37 terahashes per second (TH/s). However, since then, the network’s hashrate has dropped significantly as 44.33% has been lost over the past 134 days.
Ethereum Classic Loses Its Shine After Merger
Ethereum Classic (ETC) was in the limelight right before the big Ethereum (ETH) transition, but has since lost its PoW dance partner. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hashrate. As of January 17, 2022, ETC has a hashrate of 23.87 terahashes per second (TH/s). As of January 30, 2023, just over a year later, Ethereum Classic has a total hashrate of 119.32 TH/s, an increase of 399% in 12 months. However, 134 days ago, ETC’s computing power was more than 44% higher.
The ETC price and hashrate saw a significant increase on September 15, 2022, the day Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC) was priced at around $35.81 per coin, after hitting $39 per unit the previous day. The price of Ethereum Classic was on the rise at the time, but has since cooled off like a wet bonfire. As of January 30, 2023, ETC was trading at $22.98 per unit, down 35.82% from its post-transition value. Archive.org records show that as of September 18, 2022, 214.37 terahashes per second (TH/s) were dedicated to the Ethereum Classic network.
Currently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahashes per second (TH/s) out of a total of 119.32 TH/s, equivalent to 22.55% of the network hashrate. Ethermine.org followed with 16.48 TH/s, accounting for around 13.81% of ETC’s hashrate. Other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These ten ETC mining pools have a total hashrate of around 95.11 TH/s.
In addition, Ethereum Classic had a total locked value (TVL) of approximately $873,161 in the decentralized finance protocol (defi) as of September 15, 2022. As of today, the TVL in the Ethereum Classic defi protocol has decreased by 56.84% to $376,803. Currently, decentralized exchange (dex) platform Hebeswap dominates with 58.74% TVL, amounting to $221,335. However, Hebeswap is also the dex with the worst seven-day TVL drop of -6.87% in the past week.
What do you see for the future of Ethereum Classic? Let us know what you think about this subject in the comments below.
Source: Bitcoin.com
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