Ethereum Classic Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition
Ethereum Classic (ETC) was the center of attention just before the Ethereum (ETH) halving, but has since abandoned its proof-of-work partner. Since Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hash rate. On January 17, Ethereum’s hash rate was 23.87 Terahash per second (TH/s). After 1 year, as of January 30, 2023, Ethereum Classic has a total hash rate of 119.32 TH/s, a 399% increase in 12 months. Whereas 134 days ago the computational power of Ethereum appeared to be over 44%.
ETC’s price and hash rate both recorded a significant increase on September 15, 2022 coinciding with Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) and on the same day We see the price of Ethereum Classic at around $35.81 per coin after hitting $39 a day ago. If we say that the price of Ethereum Classic was very high at that time.If it was, then it is certainly a correct statement. Since then it has cooled down like a wet campfire. As of January 30, 2023, ETC is trading at $22.98 per unit, a decrease of 35.82% from its original thereafter. Archive.org records show that on September 18, 2022, 214.37 Terahash per second (TH/s) was dedicated to the Ethereum Classic network, and currently, F2pool has dedicated 26.91 Terahash per second (TH/s) out of a total of 119.32 TH/s. /s), which is equivalent to 22.55% of the network’s hash rate. Ethermine.org comes with 16.48 TH/s, which is roughly 13.81% of ETC’s hash rate. Other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, Richpool.pro, Pool.btc.com, and Antpool. The total hash rate of these ten ETC mining pools is approximately 95.11 TH/s. In addition, Ethereum Classic had approximately $873,161 in total value locked (TVL) in the decentralized finance (DeFi) protocol as of September 15. To date, the TVL in the Ethereum Classic DeFi protocol is down by 56.84% to $376,803. Currently, the decentralized exchange (DEX) platform Hebeswap dominates with 58.74% of the TVL amounting to $221,335. However, Hebeswap was also the dex with its worst seven-day TVL decrease of -6.87% in the past week
