On the day of The Merge, Ethereum Classic’s hash rate soared to a new high, hitting 306 terahashes per second (TH/s) 10 days ago on September 15. Since then, however, Ethereum Classic’s computing power has dropped 46.16% from its high to today’s 164.75 TH/s. Additionally, the market valuation of the Ethereum Classic has dropped two positions over the past two weeks, losing 26.7% against the US dollar.
Two new PoW Ethereum forks jump higher in USD value while the Ethereum Classic hash rate and price sinks
After Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS), the majority of the Ethereum hashrate moved to the Ethereum Classic (ETC) network. Data from 2miners.comshows thatETChash rates jumped to an all-time high on September 15, 2022, the date of The Merge.
That day,ETC‘s computing power reached 306 TH/s, up 482.85% from the 52.5 TH/s recorded on September 12. Six days earlier,ETCETCprices hit a high of $41.80 per unit on September 6. 30} ETC
ETCUSD value and computing power are down today after hitting a record high just before The Merge.
Today, data shows that the overall hash rate forETCwas 164.75 TH/s, 46.16% lower than the all-time high recorded on September 15. 10 days earlier that day, the newETHWnetwork had an rate was 164.75 TH/s. The ETHWnetwork had not yet been launched, but once launched, ETHW attracted 79.42 TH/s of computing power.
However, ETHW’s hash power has dropped, down to 45.97 TH/s according tometricsrecorded by 2miners.com.49} While not as bad as ETC’s 50 hash power loss, ETHW has since September 16 shed 42.11% of its computing power. ETChas lost 26.7% against the USD over the past two weeks and roughly 16.5% over the past seven days.
Meanwhile, ETHW jumped 42% higher over the past seven days against the USD.59} Another ethereum-based PoW fork called ethereum fair (ETHF)rose 45.7% against the USD this week. ETHF has gained 45.7% against the U.S. dollar this week. Additionally, members of the ETHF project team recentlychanged the token’s ticker from ETF to ETHF
Last week, data showed that ETHF had a hash power of approximately 8 TH/s dedicated to the chain. Today, however, ETHF’s web portal state.etherfair.org is down right now, and the current ETHF hash rate is unknown.Both ETH-based PoW coins have been added to many exchanges since their launch 10 days ago.
What do you think about Ethereum Classic’s hash rate decreasing by over 46% since The Merge? What do you think about the other two Ethereum-based PoW tokens? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons