It’s the event of the day, if not the past few years. Ethereum (ETH) is moving to proof of stake thanks to The Merge, a step that was particularly anticipated by the community. And former ETH miners are looking for new options… Including Ethereum Classic (ETC), which has seen its hashrate soar. Will this have an impact on its price?
Ethereum Classic hashrate soars…
According to data collected by CoinWarz, the hashrate, i.e. the computing power used on the Ethereum Classic network, has now reached 68.86 Th/s. As a reminder, the higher the hashrate, the higher the number of miners on the network.
It makes sense: miners who used to focus on ETH are looking for new blockchains. And Ethereum Classic, which is the “original” version of Ethereum, seems a natural choice. The network has indeed chosen to continue with its consensus mechanism by proof of work.
It should be remembered that Ethereum Classic is little used overall, this rush to the network is apparently strictly motivated by the lure of gain. It is a way for former ETH miners to make their machines profitable.
… but not its price
The proof is that this renewed craze has not allowed the ETC price to take off. It has, however, seen a lot of volatility since the end of last month. The cryptocurrency experienced a substantial pump in early September, taking +33% in the space of a day… Before falling just as sharply the next day.
In the end, the ETC price shows -14% for the month, and -36% for the year. This would seem to indicate that The Merge will not necessarily allow the network to progress. But nothing is of course played. We will also have to count on EthPoW, a hard fork of Ethereum supposed to gather those who want to continue using proof of work.
Will this renewed interest in ETC mining last? It’s doubtful, as Ethereum Classic has made little news in recent years. We’ll probably have to wait a few weeks to see how Ethereum miners have migrated, and to which chains.