Ethereum Classic network hash rate has increased since late July. The increase in capacity is due to the arrival of miners leaving Ethereum due to the upcoming Merge fork, and ETH rejecting the PoW consensus in favor of PoS (Proof-of-stake).
The explosive growth of Ethereum Classic happened almost immediately after the Merge upgrade. ETC’s hashrate increased by 280% in just 24 hours, from 62 terahesh per second (Th/s) to 183 Th/s. Over the weekend, the hash rate of the network reached a new record, exceeding 236 Th/s on September 17, according to the BitinfoCharts service.
Ethereum Classic’s power has increased by almost 500% in a month. Ethereum founder Vitalik Buterin encouraged miners to switch from the ETH algorithm to PoS and then switch to ETC to maintain performance. In addition to ETC, miners can connect to other networks using PoW consensus Ergo, Ravecoin and Flux. According to 2Miners, these blockchains have seen strong growth even after the Merge update.
The Dogecoin network also uses PoW. Since the end of August, the hashrate has increased. A few days before the Ethereum update, the DOGE rate reached 487.273 Th/s, the highest since early June 2022.
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