Ethereum Classic (ETC) is experiencing a surge in hashrate due to increased interest from miners ahead of the upcoming Ethereum Merge.
With many Ethereum miners moving from the Proof of Work consensus to the Proof of Stake, they are looking for a new outlet for mining. The fact that miners are moving their operations to Ethereum Classic (ETC) has caused an increase in the hashrate of ETC.
Ethereum Miners Switch to Ethereum Classic
Ethreum Classic has been the network that Ethereum miners most prefer to switch to to continue their operations. Ethereum Classic (ETC) has seen an 83 percent increase in its hashrate since June, according to data shared by BitwiseInvest researcher Gayatri Dhumal. In addition, the Ethereum (ETH) hashrate decreased by 11 percent during the same period.
https://twitter.com/GayatriPC_/status/1564679726152781827
Ethereum founder Vitalik Buterin, who was curious about his ideas on the subject, said his thoughts on the subject. Canadian programmer described it as a good alternative for miners. ETC showed a notable rise after Leon Lv, CEO of cloud mining firm Antpool, announced a $10 million investment in the chain. It is predicted that the hashrate in Ethereum Classic will continue to increase in the coming days.
27327
