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”.
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.
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 BTC.com offered customers three months of commission-free mining.
As the ETH 2.0 merge is approaching, https://t.co/38N9uRCNSj will launch a three-month ETC mining “zero fee” activity on September 1 of 2022 to reward new and regular users for their support of https://t.co/38N9uRCNSj.#EthereumClassic #EthereumMerge https://t.co/gd1v0S8xfG pic.twitter.com/XTfDoG8sDg
— BTC.com (@btccom_official) August 31, 2022
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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