Ethereum Classic’s Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition

Just earlier the Ethereum web transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a important increase. Three days aft The Merge, Ethereum Classic had 214.37 terahash per 2nd (TH/s) of hashrate. However, since then, the network’s hashrate has decreased importantly arsenic 44.33% of it has been mislaid implicit the past 134 days.

Ethereum Classic Loses Luster After The Merge

Ethereum Classic (ETC) was the halfway of attraction conscionable earlier Ethereum’s (ETH) large transition, but has since mislaid its PoW creation partner. Since Ethereum’s modulation from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) web has seen an summation successful hashrate. On Jan. 17, 2022, ETC had 23.87 terahash per 2nd (TH/s) of hashrate. As of Jan. 30, 2023, implicit a twelvemonth later, Ethereum Classic has a full of 119.32 TH/s successful hashrate, a 399% summation successful 12 months. However, 134 days ago, ETC’s computational powerfulness was much than 44% higher.

ETC’s terms and hashrate some saw a important summation connected Sept. 15, 2022, the time of the Ethereum modulation from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classical (ETC) was valued astatine astir $35.81 per coin, aft reaching $39 per portion the time prior. Ethereum Classic’s terms was connected occurrence astatine the time, but it has since cooled disconnected similar a bedewed campfire. As of Jan. 30, 2023, ETC is trading astatine $22.98 per unit, a alteration of 35.82% from its worth aft the transition. Archive.org records amusement that connected Sept. 18, 2022, 214.37 terahash per 2nd (TH/s) was dedicated to the Ethereum Classic network.

Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per 2nd (TH/s) of the full 119.32 TH/s, equating to 22.55% of the network’s hashrate. Ethermine.org follows with 16.48 TH/s, accounting for astir 13.81% of ETC’s hashrate. The different mining pools successful the apical 10 see 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These 10 ETC mining pools person a full hashrate of astir 95.11 TH/s.

Moreover, Ethereum Classic had astir $873,161 successful full worth locked (TVL) successful decentralized concern (defi) protocols connected Sept. 15, 2022. As of today, the TVL successful Ethereum Classic defi protocols has decreased 56.84% to $376,803. Currently, the decentralized speech (dex) level Hebeswap dominates with 58.74% of the TVL, amounting to $221,335. However, Hebeswap was besides the dex with the worst seven-day TVL alteration of -6.87% successful the past week.

What bash you spot for the aboriginal of Ethereum Classic? Let america cognize what you deliberation astir this taxable successful the comments below.

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