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Ethereum Classic (ETC) Price Expands Its Rally Over $167. Here's How It Affects Hashrate

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Fri, 05/07/2021 - 13:02
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Vladislav Sopov
It looks like more and more miners have adjusted their rigs to Ethereum Classic (ETC) algorithm
Ethereum Classic (ETC) Price Expands Its Rally Over $167. Here's How It Affects Hashrate
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Ethereum Classic (ETC) is the earliest version of the Ethereum (ETH) protocol that retains the pre-"DAO fork" consensus. The ongoing altcoin frenzy pushed its price over historic highs. See how this euphoria affects Ethash mining.

Ethereum Classic (ETC) adds 300 percent to its 2017 high, hashrate goes ballistic

Yesterday, May 6, 2021, the Ethereum Classic (ETC) price set a new record over $167. After reaching the peak, it entered a minor correction, and now ETC is changing hands around $136.

Ethereum Classic price prints new highs
Image via Coingecko

As a result, the profitability of Ethereum Classic (ETC) mining has also increased. Thus, more and more blockchain enthusiasts have started validating ETC transactions with their proof of work (PoW) hardware.

According to statistics shared by ETC Cooperative, a non-profit focused on Ethereum Classic (ETC) blockchain development, the hashrate of ETC spiked over 33 trillion hashes per second.

At press time, independent analytical resource Coinwarz displays the ETC hashrate at 29 THashes per second. Three days ago, all ETC miners calculated less than 14 TH/s.

"Swan song" of Ethereum (ETH) mining

The previous high of the ETC hashrate was registered in late January 2020 at 21 TH/s. Thus, currency miners managed to add 50 percent to this record in a few days only.

As calculated by Coinwarz, the profitability of the average ETC miner is almost as high as Ethereum's profitability. Thus, we can trace the migration of miners from one chain to another.

Related
Here's When Ethereum Mining May End: Developers

Ethereum (ETH) mining will most likely end in late 2021, U.Today reported previously. Ethereum Foundation researchers Tim Beiko and Trenton van Epps recommended all miners to consider switching to staking in Ethereum 2.0.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)