Ethereum Classic Hashrate Taps Another All-Time High, ETH Hashpower Remains Unchanged – Bitcoin News

On August 31, 2022, Ethereum Classic’s hash rate hit another all-time high (ATH) this year at block height 15,850,811. Ethereum Classic’s global hash power surpassed the 40 terahash per second (TH/s) region on Wednesday. Despite the fact that the network’s hashrate has increased greatly, Ethereum’s hashrate has remained relatively unchanged with just over 1,000 TH/s dedicated to the network.

66 Miners spend more than 1,000 Terahash on Ethereum, Network Hash Rate remains stable and unchanged

At the time of writing, the total difficulty of Ethereum is 12374533505752422 and when the total difficulty reaches 58750000000000000000 in about 13 daysThe network will transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain via Unify.

Once the transition is codified into the codebase, ethereum (ETH) miners will no longer be able to mine digital currency. There are about 66 ether mining pools currently dedicating Ethash hashrate to Ethereum and they represent 1.04 petahash per second (PH/s) or 1,040 (TH/s) hashpower.

Ethereum Classic Hashrate hits all-time high again, ETH Hashpower remains unchanged
Ethereum (ETH) hashrate on September 1, 2022.

When the change happens, Ethash miners will have to mine a different network, and they can choose blockchains like Ethereum Classic, Ravencoin, Beam, and Ergo. Over the past two months, many believe that Ethereum Classic has been widely reported (ET CETERA) the network will reap rewards when ethereum miners migrate to another chain.

Ethereum Classic Hashrate hits all-time high again, ETH Hashpower remains unchanged
Ethereum Classic (ET CETERA) hashrate on September 1, 2022.

In reality, ET CETERA has been increasing in recent times and on August 31, 2022 the network hash rate reached ATH mining 40.73 TH/s at block height 15,850,811. However, while Ethereum hash rate dropped some at the end of June, it has remained roughly the same as of July 1, 2022.

Ethereum Classic Could See a Huge Wave of Dedicated Hashpower Within the Next Two Weeks

Ethereum’s hash rate has recorded a slight increase over the past 62 days and the added terahash is the same amount of hashpower that guarantees the entire ET CETERA Chain. Ravencoin, Beamand Ergo hashrates may have recorded a slight increase in hashpower, but nothing compared to the increase ET CETERA recorded since the first week of August 2022.

ET CETERAhashrate has hit all-time record highs multiple times this week and over the past 24 hours. With statistics showing that ethereum miners will likely continue to mine ether until the end (The Merge), Ethash consensus chains like ET CETERA could see a huge wave of dedicated hashpower within the next two weeks.

Some of the major mining pools including Ethermine and Antpool have explain that they planned stop mining ether PoW style and will support ETH 2.0 transition. Furthermore, Ethermine has announced the launch of a dedicated liquid staking service for ETH Chain 2.0 and Antpool each said they are dedicating $10 million in resources to the Ethereum Classic ecosystem.

Both mining pools (Ethermine, Antpool) and many others have mined ET CETERA and is suggesting that group participants choose another Ethash consensus chain like ET CETERA, RVN, BEAM or ERGO when the Merge takes place. Anyone can guess when the hashrate wave will come, since ethereum mining (ETH) compared to coins mined using other consensus algorithms.

Stats on Thursday, September 1, 2022, at 11 am (EST) indicate that Bitmain’s new Ethash miner, Antminer E9 with 2,400 megahash per second (MH/s) can get estimated $47.72 per day in profit. An Innosilicon A11 with 1,500 MH/s can get an estimated ether profit of $26.52 per day.

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What do you think about Ethereum Classic’s hash rate hitting an all-time high on August 31? When do you expect one of these Ethash consensus networks to receive the hash wave? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 5,700 articles for News about the groundbreaking protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

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