Ethereum Classic’s Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition

Just earlier than the Ethereum community transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate noticed a major enhance. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the community’s hashrate has decreased considerably as 44.33% of it has been misplaced during the last 134 days.

Ethereum Classic Loses Luster After The Merge

Ethereum Classic (ETC) was the focal point simply earlier than Ethereum’s (ETH) large transition, however has since misplaced its PoW dance associate. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) community has seen a rise in hashrate. On Jan. 17, 2022, ETC had 23.87 terahash per second (TH/s) of hashrate. As of Jan. 30, 2023, over a 12 months later, Ethereum Classic has a complete of 119.32 TH/s in hashrate, a 399% enhance in 12 months. However, 134 days in the past, ETC’s computational energy was greater than 44% greater.

ETC’s worth and hashrate each noticed a major enhance on Sept. 15, 2022, the day of the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC) was valued at round $35.81 per coin, after reaching $39 per unit the day prior. Ethereum Classic’s worth was on fireplace on the time, however it has since cooled off like a moist campfire. As of Jan. 30, 2023, ETC is buying and selling at $22.98 per unit, a lower of 35.82% from its worth after the transition. Archive.org records present that on Sept. 18, 2022, 214.37 terahash per second (TH/s) was devoted to the Ethereum Classic community.

Presently, F2pool is the biggest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) of the whole 119.32 TH/s, equating to 22.55% of the community’s hashrate. Ethermine.org follows with 16.48 TH/s, accounting for about 13.81% of ETC’s hashrate. The different mining swimming pools within the prime ten embrace 2miners.com, Ezil.me, Dogpool.one, Hiveon.web, Poolin, richpool.professional, Pool.btc.com, and Antpool. These ten ETC mining swimming pools have a complete hashrate of roughly 95.11 TH/s.

Moreover, Ethereum Classic had roughly $873,161 in complete worth locked (TVL) in decentralized finance (defi) protocols on Sept. 15, 2022. As of at this time, the TVL in Ethereum Classic defi protocols has decreased 56.84% to $376,803. Currently, the decentralized change (dex) platform Hebeswap dominates with 58.74% of the TVL, amounting to $221,335. However, Hebeswap was additionally the dex with the worst seven-day TVL lower of -6.87% previously week.

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