For years, Ethereum (ETH) miners have invested millions of dollars in the fastest and most powerful cryptominers and machines. With the arrival of The Merge this September, these cryptominers and all the devices used for mining will become completely obsolete. In this way, many miners have found an alternative to this problem in Ethereum Classic (ETC).
This has seen Ethereum Classic's price rally by 15% over the past few days, securing ETC a double-digit gain. In fact, yesterday the price of ETC rose to almost USD 37.25 per token. These huge gains come after several events such as BTC.com, a cryptocurrency mining pool and blockchain explorer, launching a dedicated Ethereum Classic pool with “fee-free” mining for a period of three months.
Maybe you are interested: Ethereum Classic hash rate grows 80% in the last month and reaches a new ATH
BTC.com made the announcement ahead of “The Merge,” the Ethereum network upgrade that will replace the energy-intensive PoW protocol, according to developers, with a more scalable and cost-effective alternative, PoS. The Merge will take place on September 15.
However, this change will make PoW miners and their equipment obsolete, while Ethereum Classic stands as the best alternative, since the original version of Ethereum will continue to use the PoW mechanism, becoming a refuge for miners affected by The Merge. On a technical level, it is possible, according to some experts, that Ethereum Classic could experience a price increase of around 60% in the month of September.
Ethereum Classic Hashrate Hits All-Time High
In fact, as we indicated in this news, this network is attracting PoW miners globally, also assuming that its hashrate has reached an all-time high and global record between late August and early September. Hashrate refers to the total computation used to mine and process transactions on a blockchain with a PoW consensus protocol.
Maybe you are interested: Ethereum Classic prepares to receive a large part of Ethereum's hash rate after The Merge
Due to these developments, the hashrate or processing power of the Ethereum Classic network has increased by 480%, reaching an all-time high thanks to the migration of Ethereum miners, recently reaching a maximum of 47 terahashes per second (TH/s). However, it is worth noting that although this is a favorable development for the network that makes it more secure, the percentage of miners who have migrated to ETC is still small, since, in comparison, the Ethereum network still has about 930 TH/s at its disposal.
If you are interested in learning more about the different types of mining that exist, in this Bit2Me Academy article we will tell you everything you need to know about Merged Mining or combined mining.
