Ethereum Classic Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition – Altcoins Bitcoin News

Just before the Ethereum network transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) blockchain, Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had a 214.37 terahash per second (TH/s) hashrate. Since then, however, the network’s hashrate has dropped significantly, as 44.33% of it has been lost over the past 134 days.

Ethereum Classic loses luster after merger

Ethereum Classic (ETC) was the center of attention right before Ethereum (ETH)’s big transition, but has since lost its PoW dance partner. Following 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 had a hashrate of 23.87 terahasshes per second (TH/s). As of January 30, 2023, more than a year later, Ethereum Classic has a total of 119.32 TH/s in hashrate, a 399% increase in 12 months. However, 134 days ago, ETC’s computing power was more than 44% higher.

The price and hashrate of ETC saw a significant increase on September 15, 2022, the day Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS). On that day, ethereum classic (ETC) was valued at around $35.81 per coin, after reaching $39 per unit the day before. The price of Ethereum Classic was on fire at the time, but has since cooled like a wet campfire. As of January 30, 2023, ETC was trading at $22.98 per unit, down 35.82% from its post-transition value. records show that on September 18, 2022, 214.37 Terahashes per second (TH/s) were dedicated to the Ethereum Classic network.

F2pool is currently the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) out of a total of 119.32 TH/s, which equates to 22.55% of the network’s hashrate. follows with 16.48 TH/s, representing about 13.81% of ETC’s hashrate. Other mining pools in the top ten include,,,, Poolin,, and Antpool. These ten ETC mining pools have a combined hashrate of approximately 95.11 TH/s.

Additionally, Ethereum Classic had approximately $873,161 total value locked (TVL) in decentralized finance (defi) protocols on September 15, 2022. To date, 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 TVL, amounting to $221,335. However, Hebeswap was also the dex with the worst seven-day TVL decrease of -6.87% over the past week.

Tags in this story, Altcoins, Antpool, COIN, computing power, decentralized exchange, decentralized finance, reduce, Defi protocols,, ETC, Ethereum, Ethereum Classic, ethereum classic (ETC),,, F2Pool , Hashrate, Hebeswap,, increase, mining pool,, Poolin, Price, Proof of Work, Proof-of-Stake,, seven-day decrease, terahash per second, total value locked , transition , TVL , unit , Value

What do you see for the future of Ethereum Classic? Let us know what you think about this topic in the comments below.

Jamie Redman

Jamie Redman is a News anchor and fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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