Ethereum Classic has seen tremendous traction ahead of Ethereum’s upcoming Consolidation event. ETC has registered more than 150% in the past month and its holders have been going through a tough time.
But unfortunately, the bears took over the ETC market later this year. And speculators are delighted with this opportunity. However, investors should celebrate as ETC’s hash rate has reached a new all-time high.
Investors in ETC should be delighted
In just over a month’s time, Consolidation on the Ethereum blockchain will likely come alive. Ethereum network proof-of-work (PoW) miners have been forced to find an alternative option for mining.
Ethereum co-founder Vitalik Buterin has confirmed that the Merger will likely happen on September 15. The total difficulty of the device is set to ‘58750000000000000000000’. The Ethereum PoW network is left with a fixed number of hashes to mine.
But this doesn’t seem to change the energy of ETC. At the time of writing, Ethereum Classic’s hash rate hit an all-time high.
The current Ethereum Classic hash rate is 37.41 TH/s with a mining difficulty of 561.17 T at a block height of 15,786,857.
This marks a 40% jump from 27.56 TH/s to an all-time high. One possible conclusion is that some Ethereum miners have been exploring Ethereum Classic to see how their earnings will increase.
The combined hash rate of Ethermine (ETC’s largest mining pool) and Poolin (the second largest mining pool) is around 16 TH/s, accounting for more than 40% of ETC’s global hash rate.
This is a memorable event
Now, the hash rate reaching an all-time high (ATH) for Ethereum Classic at this stage is an interesting scenario.
The network has been experiencing a steady decline in mining power since the end of April 2022. The hash rate of this network even bottomed out at just over 1.6 ATH/s in September 2020.
For now, however, the aforementioned increase suggests that existing ETH miners have turned to Ethereum Classic for profit. Meanwhile, the network also garnered some support from well-known organizations. For example, JP Morgan market strategists have predicted that ETC will likely be one of the main beneficiaries of the Merger.
Unfortunately, in terms of price, at the time of writing, ETC had a new 5% correction as it slid down to the $31 mark.