Ethereum Classic (ETC) Hashrate surges ahead of Ethereum Merge

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According to Gayatri Dhumal, a researcher at BitwiseInvest, as the upcoming Ethereum merge continues to generate excitement within the crypto space, Ethereum Classic (ETC), a sister of Ethereum, has seen an 83% increase in hash rate since June.

Ethereum on the other hand is down 11% as the hash rate of Ethereum Classic increases.

Why is the ETC hash rate increasing?

Ethereum Classic has been the biggest beneficiary of the upcoming Ethereum merge, which has caused a mass exodus of Ethereum miners as Ethereum mining has stopped with the Ethereum Merge upgrade.

Ethereum miners are running out and the closest blockchain is Ethereum Classic.

Although there are some attempts to launch new hard forks of Ethereum after the merge, most blockchain protocols that have committed to supporting Ethereum after the merge upgrade support any proof-of-work (PoW) forks of Ethereum. will not do. ,

As a result, Ethereum Classic is the only Ethereum hard fork that legitimately exists.

Earlier this month, Ethereum co-founder, Vitalik Buterin said that “pretty much everyone” supports the Ethereum merge that will move it from PoW to a proof-of-stake (PoS) blockchain.

Generally speaking, Ethereum Classic is expected to win big after the merge as it will be left as the only Ethereum fork to enjoy the original Ethereum PoW mechanism.

Ethereum Classic is a hard fork of Ethereum. This dates back to 2016 after the infamous DAO attack, one of the most significant hacks in the history of cryptocurrency. Ethereum Classic was created by people who wanted to preserve the original Ethereum chain.

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