Just before the Ethereum network transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) blockchain, the hashrate of Ethereum Classic experienced a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) hashrate. However, since then, the network’s hashrate has dropped significantly, losing 44.33% in the last 134 days.
Ethereum Classic loses its shine after the merger
Classic Ethereum (ETC) was in the spotlight just before Ethereum (ETH) great transition, but has since lost his PoW dance partner. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hashrate. On January 17, 2022, ETC I had 23.87 terahash per second (TH/s) hashrate. As of January 30, 2023, more than a year later, Ethereum Classic has a total of 119.32 TH/s in hashrate, an increase of 399% in 12 months. However, 134 days ago, ETCThe computational power of was more than 44% higher.
ETCThe price and hashrate of Ethereum experienced a significant increase on September 15, 2022, the day of Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS). In that day, Ethereum Classic (ETC) it was valued at around $35.81 per coin, after hitting $39 per unit the day before. The Ethereum Classic price was through the roof at the time, but has since cooled like a damp campfire. As of January 30, 2023, ETC is negotiating in $22.98 per unit, a decrease of 35.82% of its value after the transition. file.org records show that on September 18, 2022, 214.37 terahash per second (TH/s) were dedicated to the Ethereum Classic network.
Currently, F2pool is the largest Ethereum Classic mining pool, holding 26.91 terahash per second (TH/s) out of the total 119.32 TH/s, which is equivalent to 22.55% of the network hashrate. It is followed by Ethermine.org with 16.48 TH/s, which represents around 13.81% of ETChash rate. The other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. these ten ETC The mining pools have a total hashrate of about 95.11 TH/s.
In addition, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (defi) protocols on September 15, 2022. As of today, the TVL in Ethereum Classic defi protocols has decreased by 56.84 % to $376,803. Currently, decentralized exchange platform (dex) Hebeswap dominates with 58.74% of the TVL, which stands at $221,335. However, Hebeswap was also the dex with the worst seven-day TVL decline in -6.87% in the last week.
What do you see for the future of Ethereum Classic? Let us know what you think about this topic in the comments below.
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