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After seven years of operation as a PoW blockchain, Ethereum has officially migrated from a proof-of-work (PoW) network to a proof-of-stake (PoS) system. This merge forced Ethereum miners to migrate to other PoW-based tokens, and a handful of PoW coins compatible with the Ethash algorithm saw their hash rates skyrocket after the rule set changes were codified. ethereum Classic’s hash rate tripled after The Merge was triggered by Ethereum’s Paris Upgrade.
Five tokens benefit from Ethereum’s remaining hash rate
Ethereum, the second largest crypto asset by market capitalization, now operates under a proof-of-stake (PoS) blockchain system.The Merge was upgraded in Paris on September 15 at 2:42:42 PM EDT with a block height of 15,537,391 Hours before The Merge, Ethereum hashrates plummeted significantly and a large amount of hashrate was directed to Ethereum Classic (ETC).
In the early morning hours (ET) of September 15, the hash rate for.ETCwas about 80.77 terahashes per second (TH/s); a few hours after the September 16 merge, the hash rate for.ETCincreased by 228% to the current 228.62 TH/s. ETCwas the main beneficiary in terms of getting the most hashrate from Ethereum’s forced transition from PoW to PoS. However, a handful of other tokens with similar hashing algorithms also saw significant gains in computational power.
At the start of September 15, Ravencoin (RVN) had a hash rate of around 10.15 TH/s, but by the next day it had jumped 64.23%to 16.67 TH/sand 16.67 TH/s. Ergo, we saw a significant hash rate increase, starting at 56.39 TH/s on Wednesday and increasing 123.94% to126.28 TH/s on Thursday morning (ET). 126.28 TH/s.
A significant amount of hashrate is still missing – hashpower seems to be waiting for a new fork.
56} In addition to ETC56} ETC, ERGO, and RVN, cryptographic networks Flux and BEAM also saw hashrate increases, but at a much smaller rate than– at a much smaller rate than ETCand ERGO’s increases. Flux’s hashrate increased by 40%, while BEAM saw its computing power surge by 74.25%. While large amounts of hashrates are concentrated in the five aforementioned tokens, Ethereum’s overall hashrate has not moved toETC, have not migrated to ERGO, BEAM, FLUX, or RVN. At first glance, it appears that either a large number of hashrates have simply been shut off or miners are waiting for the new Ethereum proof-of-work network ETHW.
Here is the list of mining pools.
Thank you https://t.co/TwIB7VFlJd– EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
The team behind the anonymous ETHW, 2 days ago that the blockchain network would launch 24 hours after The Merge, and according to ETHW’s official Twitter page, large Btc.com, Poolin, F2pool, 2miners, Antpool, Bitdog, Solomine and other mining pools are planning to dedicate hashratesto the ETHW chain.
“Nanopool will support the EthPow Ethereum forkwhich is expected to be mineable within 24 hours; a merge of ETH will occur,” mining operation Nanopool wroteon Wednesday. No one knows for sure how much hashrate is pending for the ETHW fork, but a significant amount ofETHhashrate is pending; ETHhashrate is still missing despite the spike recorded by RVN,ETCand ERGO.
What do you think about the alternative the miners chose after The Merge? Do you think there is a massive hashrate waiting in the wings for the new fork? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
