ETC hashrate hits a new all-time high, jumping 39% in the last 4 days. It looks like Ethereum Classic is attracting miners as the Ethereum merge nears. After the merge, ETH will move from a proof of work to a proof of stake network. This means the network will be protected by validators that stake their coins and not miners who use hardware to solve complex mathematical problems and receive ETH as a reward.
Ethereum Classic (ETC) could be the new home for miners
ETC’s total hash rate was 27.56 TH/s just 4 days back, and now it is above 37 TH/s. This huge jump can be attributed to the fact that ETH developers have recently reported that the checklist for the merge has been completed. It means we will soon see the shift of the consensus as early as September 15, 2022. This is if there are not any unexpected delays that could shift the merge date.
If we take a look at the hash rate chart of Ethereum classic, it is quite interesting. While for any other coins that are mined, the hash rate always shows a steady increase, for ETC, it has basically been in the same range for the last 4 years. It also shows there is hardly any interest in mining the coin. Right now, the largest mining pool on the ETC network is Ethermine, contributing 8.05 TH/s to the entire network. It is closely followed by Poolin at 8.02 TH/s.
But we should also note that other coins that were expected to see a hash rate increase because of the merge haven’t seen a jump. These coins include Ravencoin, Ergo, Beam, and more.
Is mining ETC as profitable as ETH?
Profitability is a very difficult thing to compare for two different networks because of the difference in difficulty. Right now, it is profitable to mine ETC, but as more miners join in and the difficulty rises, it could become less viable. At the current difficulty, a 400 MH/s setup, miners can make almost $0.2 ETC per day. Based on your electricity cost and power usage, it will be easy to calculate if the venture is profitable.
What are your thoughts as the ETC hashrate hits a new all-time high with Ethereum merge nearing? And do you think more miners will shift to the coin? Let us know in the comments below. And, if you found our content informative, share it with your friends.