After the Ethereum merger…the hash rate of Ethereum Classic increased by 80% to an all-time high
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Answer After the Ethereum merger…the hash rate of Ethereum Classic increased by 80% to an all-time high
The most anticipated event in the cryptocurrency industry this year happened earlier yesterday, which led to the transition of Ethereum from PoW mining to PoS staking.
While the effects of the second largest blockchain will gradually appear over time, it appears that Ethereum Classic is benefiting the most from others at the moment from the transformation of Ethereum.
Although the integration upgrade was an event that was highly anticipated and talked about by the crypto community, it will take time for the community to see its effects in terms of scalability, security, and decentralization.
The direct effect of the merging upgrade is visible on Ethereum Classic.
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Since the former Ethereum miners are no longer able to run on the Ethereum blockchain, they seem to be moving to another version and fork from Ethereum or other networks that support mining.
Currently the apparent impact of the Ethereum upgrade has been evident on Ethereum Classic, with the Ethereum Classic hash rate increasing by more than 80% in 24 hours and reaching an all-time high of over 111 Tash/s.
On the other hand, the original cryptocurrency had a volatile trading day.
In the hours leading up to the consolidation, ETC stood near $40, touched that level and then dropped to $35.
Ethereum Classic moved to attack again, regained the $40 level and now stands inches away from that level.
The price of Ethereum was also volatile, as it tried to maintain the $1600 level, then 1500 to fall below it and is currently stabilizing at the time of writing at the $1400 level.
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Someone paid $60,000 worth of Ethereum as a fee to mint the first NFT into Ethereum after the merger upgrade
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