Ethereum Classic hashrate hits all-time high

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Ahead of The Merge activation on the network, the second-largest cryptocurrency by capitalization, Ethereum Classic (ETC), has reached a record high of 46 TH/s, according to Coin Metrics.

For comparison, the computing power of the Ethereum (ETH) network is 910 TH / s – an indicator about 19 times higher than the “original ether”.

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Mining revenue per hash power (hashprice) for Ethereum is still significantly higher – by 95%. In other words, it is much more profitable to mine ETH.

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Such a significant difference in the profitability of mining is largely due to price dynamics. Over the past seven days, Ethereum has grown by 9.3%, Ethereum Classic – by only 3.5%.

The increase in the Ethereum Classic hashrate is obviously associated with the switch of Ethereum miners to mining a “related” cryptocurrency in anticipation of The Merge update.

Recently, the well-known pool offered customers three months of commission-free mining.

Activation of The Merge will take place approximately on September 15th. The transition to Proof-of-Stake will make it impossible to mine ether on video cards and ASIC devices like the Antminer E9.

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Source: Cryptocurrency

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