As the Ethereum community braces itself for the upcoming Merge Upgrade, the Ethereum Classic has scored another high point. As per The Block, the network has clocked its all-time high of 45 terahashes per second (TH/s), following its steady growth of over 480%.
Ethereum Classic Surges Again
It is worth noting that hash rate is the level of CPU power required to create new blocks on a network. Accordingly, Ethereum Classic has been experiencing an unprecedented spike in its hash rate, likely due to a jump in miners’ activities.
Meanwhile, the long-anticipated transition from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus protocol will soon become a reality. The move is expected to happen later in September, and miners will no longer validate transactions on the Ethereum network once the Merge is complete.
However, Ethereum miners are already counting the costs of the move and are currently considering an alternative PoW platform to replace Ethereum. Additionally, the miners have spent billions of dollars on mining equipment over the years, only to be told that their services are no longer needed.
It appears Ethereum Classic can be the perfect replacement for the PoS-bound platform, as some mining entities see it as a potential PoW alternative.
Ethereum Classic has been in the minds of some notable mining pools for some time. The Bitmain-based AntPool has declared its attraction to Ethereum Classic, followed by a $10 million investment in the protocol.
BTC.com also signaled its support for the system by joining AntPool and others who view Ethereum Classic as the next abode for Ethereum miners.
Will Ethereum Classic Save Miners?
As the days for the Merge come closer, all eyes are on holders of Ethereum Classic (ETC) as they observe the activities on the blockchain with suspense. That Ethereum’s transition to PoS has put the less than decade-old crypto asset in a state of panic is not in doubt.
However, the sudden jump in the value of the ETC may have given miners the needed confidence to stick with Ethereum Classic.
Ethereum Classic records its all-time high hash rate; Ethereum miners are left in the dark. Still, many see the Ethereum Classic as the best probable destination due to its PoW capabilities.
As a fork of the Ethereum blockchain, Ethereum Classic was relaunched in 2016 following the hack on the DAO ecosystem. Due to this, the Ethereum community is divided on how to run the ETC protocol.
As a result, some groups are in control of the transaction validation, which makes the system prone to future attacks. On this basis, experts see the Ethereum Classic as a poor choice for the miners to consider as a PoW alternative.
Meanwhile, Ethereum Classic is just a fraction of Ethereum compared to their hash rates. With only 5% of Ethereum’s total hash rate, nearly 895 TH/s, Ethereum Classic is still a long way off from being seen as a replacement for miners.