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The ETC Hashrate Hits a New Record, ETC Hashpower Rises by 39 percent in 4 Days.

22-Aug-2022 By: Shailja Joshi
The ETC Hashrate Hit

At block height 15,776,674 on August 20, 2022, Ethereum Classic's hashrate hit a record high of 38.37 terahashes per second (TH/s). Since Wednesday, August 17, the cryptocurrency's hashrate has increased significantly, rising 39.22% from 27.55 TH/s to an all-time high (ATH).

Hashpower for Ethereum Classic soars to 38.37 Terahashes.

The hashrate of Ethereum Classic (ETC) reached an ATH on August 20, 2022, about six years after miners mined the first ETC block at block height 1,920,000. At block height 15,776,644, ETC's hashrate amounted to 38.37 TH/s. As Ethereum (ETH) gets closer to The Merge update on or about September 15, 2022, the hashrate has been added to the ETC chain. ETC hashrate was 27.56 TH/s on August 17 four days ago, and it has increased 39.22% since then.

Ethermine, which commands 8.05 TH/s, is the largest mining pool for ETC, followed by Poolin with 8.02 TH/s. The combined hashrate of Ethermine and Poolin, which is close to 16 TH/s, exceeds 40% of ETC's overall hashrate. ETC was started following the 2016 DAO hack, and on July 20, 2016, the first ETC block was mined. Due to the DAO hard fork erasing the event from the network, proponents of ETC contend that it represents the original, unaltered Ethereum blockchain.

Developers of Ethereum Classic committed to maintaining proof-of-work by removing the difficulty bomb from the ETC chain. At block height 5,900,000, ETC removed a tough explosive. While other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not had any appreciable improvements in hashrate, Ethereum Classic (ETC) has experienced a considerable rise in hashrate.

The several forecasts that predicted ETH's hashrate will shift to ETC led to the highest ever hashrate for Ethereum Classic. The market experts at JPMorgan stated last week that ETC would probably be one of the primary winners from The Merge.

Despite the fact that ETC's hashrate has significantly increased, the Ethereum (ETH) blockchain still receives about 1 petahash per second (PH/s) or 1,000 terahashes per second (TH/s).

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