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Ethereum Classic has seen massive traction ahead of the upcoming Ethereum Merge. ETC recorded a more than 150% surge within the previous month, ensuring a lucrative ride for its holders. Unfortunately, bears have lately dominated the marketplace.
Meanwhile, short goers rejoice at this opportunity. Nevertheless, market players with high expectations should not let the festivity end as Ethereum Classic’s hashrate has touched a new ATH.
Let the Celebration Begin
The anticipated Merge on the ETH blockchain will possibly come alive. Meanwhile, the eventful shift to proof-of-stake forced miners to find alternative mining options. ETH founder Vitalik Buterin revealed that the Merge upgrade would (possibly) occur on September 15.
Developers set the terminal difficulty at 58750000000000000000000. The ETH proof-of-stake had a fixed amount of hash left for mining.
However, this did not seem to dent Ethereum Classic’s enthusiasm. While publishing this post, ETC’s hashrate hit an ATH. The asset’s current hashrate stands at 37.41 terahash per second, representing the worldwide ETC ecosystem hash rate with 561.19 T mining difficulty at 15,786,857 block height.
That reflected a 40% hike from 27.56 TH/s to press time ATH. A logical assumption might be that some ETH miners explored ETC to gauge their earnings. Ethermine’s (ETC leading mining pool) and Poolin’s (2nd largest mining pool) 16 TH/s combined hashrate exceeds 40% of Ethereum Classic’s worldwide hashrate.
Trip to Remember
Meanwhile, Ethereum Classic’s hashrate touching an ATH at this moment remains a fascinating case. The ecosystem saw a steady mining power slump since April 2022. Also, the network’s hashrate bottomed near 1.6 TH/s in Sept 2020.
Nonetheless, the mentioned hike showed that present Ethereum miners joined the Ethereum Classic ship to enjoy the returns. Nevertheless, the network also received support from recognized institutions. For example, JPMorgan market economist forecasted that Ethereum Classic might be among the primary beneficiaries of the Merge.
Indeed, this seems like the scenario. Unfortunately, Ethereum Classic didn’t highlight that enthusiasm in its price. While publishing this blog, ETC noted a new 5% loss, dropping to $31.
What are your thoughts about the above ETC narrative? You can comment below.
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