ETC hashrate hits a new all-time high with Ethereum merge nearing
ETC hashrate has reached a new all-time high, rising 39% in the last four days. As the Ethereum merge approaches, it appears that miners are flocking to Ethereum Classic. After the merge, ETH will switch from a proof-of-work to a proof-of-stake network. This means that validators will protect the network with their own money instead of miners, who use hardware to solve hard math problems and get ETH as a reward.
ETC’s overall hash rate was 27.56 TH/s just 4 days ago, and today it is above 37 TH/s. This big surge can be attributed to the fact that ETH developers have recently revealed that the checklist for the integration has been finished. It suggests we will soon observe the shift of the consensus as early as September 15, 2022. This is if there are not any unanticipated delays that could shift the merge date.
If we take a look at the hash rate chart of Ethereum Classic, it is rather intriguing. While for any other coins that are mined, the hash rate always shows steady growth, for ETC, it has generally been in the same range for the previous 4 years. It also demonstrates there is scarcely any interest in mining the coin. At present, 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 supposed to receive a hash rate increase because of the merge haven’t seen a jump. These coins include Ravencoin, Ergo, Beam, and more.
Due to the vast difficulty gap between networks, comparing their profitability is a Herculean task. In the short term, it pays to mine ETC, but that can change if more miners enter the market and the difficulty level increases. With a 400 MH/s setup and the current difficulty, miners may earn nearly $0.2 ETC per day. Profitability can be easily determined by comparing electricity costs and use.