Just before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the network’s hashrate has decreased significantly as 44.33% of it has been lost over the last 134 days.
Ethereum Classic Loses Luster After The Merge
Ethereum Classic (ETC) was the center of attention just before Ethereum’s (ETH) big transition, but has since lost its PoW dance partner. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hashrate. On Jan. 17, 2022, ETC had 23.87 terahash per second (TH/s) of hashrate. As of Jan. 30, 2023, over a year later, Ethereum Classic has a total of 119.32 TH/s in hashrate, a 399% increase in 12 months. However, 134 days ago, ETC’s computational power was more than 44% higher.
ETC’s price and hashrate both saw a significant increase on Sept. 15, 2022, the day of the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC) was valued at around $35.81 per coin, after reaching $39 per unit the day prior. Ethereum Classic’s price was on fire at the time, but it has since cooled off like a wet campfire. As of Jan. 30, 2023, ETC is trading at $22.98 per unit, a decrease of 35.82% from its value after the transition. Archive.org records show that on Sept. 18, 2022, 214.37 terahash per second (TH/s) was dedicated to the Ethereum Classic network.
Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) of the total 119.32 TH/s, equating to 22.55% of the network’s hashrate. Ethermine.org follows with 16.48 TH/s, accounting for about 13.81% of ETC’s hashrate. The other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These ten ETC mining pools have a total hashrate of approximately 95.11 TH/s.
Moreover, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (defi) protocols on Sept. 15, 2022. As of today, the TVL in Ethereum Classic defi protocols has decreased 56.84% to $376,803. Currently, the decentralized exchange (dex) platform Hebeswap dominates with 58.74% of the TVL, amounting to $221,335. However, Hebeswap was also the dex with the worst seven-day TVL decrease of -6.87% in the past week.
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Jamie Redman
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