Ethereum Classic (ETC) Records a Surge in Hashrate Just Before ETH Merge Protocol Upgrade

From June, the hashrate of Ethereum Classic (ETC) has increased by 83%, as per statistics published by BitwiseInvest expert Gayatri Dhumal. Similarly, the hashrate of Ethereum (ETH) has decreased by 11% in anticipation of the imminent Merge update.

Ethereum Classic has benefited the most from the current migration of Ethereum miners. Last month, Vitalik Buterin of Ethereum gave his approval to the contentious hard fork. The coder from Canada called it an “excellent” choice for miners. Following Antpool’s CEO Leon Lv revelation of a $10 million investment in the chain, the ETC token saw a significant price increase.

In addition, there are initiatives to provide additional hard forks for miners. Nevertheless, it is very improbable that newer proof-of-work tokens will acquire momentum owing to the absence of backing from exchanges and large decentralized apps. The co-founder of Ethereum stated earlier in August that “very much everyone” supported Ethereum’s shift to proof of stake (Pos) protocol.

Following years of postponements, it is generally anticipated that Ethereum’s main software update will come around mid-September. The split of Ethereum Classic is anticipated to benefit greatly from the update. The Ethereum network split into two different chains six years back in response to the historic DAO attack, which continues to be one among the most important hacking events in the evolution of cryptocurrency. Ethereum Classic was formed by community members who desired to keep the previous, compromised blockchain.

Back in August 2020, the Ethereum Classic chain was subjected to multiple 51% assaults within a single week, causing many to doubt its safety. While preparing this report, Ethereum Classic (ETC) was trading at $32.18, down 3.18% from prior close.