After seven years of being a PoW network, Ethereum has officially changed to a proof -of-work (PoW), and now it is a proof -of-stake system. After seven years of operating as a PoW blockchain, the Merge forced ethereum miners into switching to PoW-based tokens. Once the ruleset was changed, a few PoW coins that are compatible with the Ethash algorithm saw hashrates soar. Since Ethereum's Paris Upgrade, Ethereum Classic's hashrate tripled in size.
5 Tokens Get the Best of Ethereum's Leftover Hashrate
Ethereum, second in crypto assets market capitalization, operates now under a proof of-stake (PoS), blockchain system. At block height 15,537.391, the Merge was activated by the Paris Upgrade on September 15 at 2:42.42 AM. ET. A few hours before The Merge, Ethereum's havehrate had plummeted substantially, and a lot of hashrate was pointed towards Ethereum Classic (ETC).
ETC's hashrate at the beginning of September 15 (ET) was approximately 80.77 Terahash per Second (TH/s). ETC's hashrate jumped to 228.62 THB/s hours after The Merge, September 16. ETC was the primary beneficiary of Ethereum's forced transition to PoW from PoS. A few tokens that have similar algorithms for hashing saw significant increases in their computational power.
Ravencoin's (RVN), hashrate was at 10.15 TH/s on September 15th. It was higher the next day, up 64.23% to 16.67 TH/s the next day. Ergo witnessed a significant increase in hashrate. It started at 56.39TH/s Wednesday, and it was up to 126.28TH/s by Thursday morning (ET).
A significant amount of hashrate is still missing — Hashpower is seemingly waiting for the new Fork
ETC, ERGO and RVN saw hashrate increases as well. However, this was a smaller percentage than ETC's or ERGO's rise. FLUX's hashrate increased 40% and BEAM saw its computational speed increase by 74.25%. Although a lot of hashrate was dedicated to these tokens, Ethereum's entire havehrate didn't transfer to ETC or ERGO, BEAM and FLUX. It seems like a lot of hashrate was either shut off, or miners are waiting for the new Ethereum proofofwork network ETHW.
This is a list listing the mining pools currently in development. It will be updated as new pools join.
Just wanna say THANK YOU ALL!https://t.co/TwIB7VFlJd— EthereumPoW Official #ETHW #ETHPoW (@EthereumPoW September 15, 2022
The anonymous team behind ETHW stated two days ago that the blockchain network would launch within 24 hours of The Merge. According to the official ETHW twitter page, large mining pools like Btc.com and Poolin, F2pools, 2minerss, Antpool, Bitdog and Solomine will dedicate hashrate for the ETHW chain.
Nanopool, a mining operation, wrote Wednesday that Nanopool would support EthPow Ethereum fork. It is expected to be mineable within 24 hours of the ETH Merge. Although no one knows how much hashrate was held back in order to wait for the ETHW, there is still a lot of ETH hashrate missing despite spikes by RVN and ETC.
What are your thoughts on the alternative options that miners chose after The Merge Is there a lot of hashrate waiting for the new fork? Please comment below to let us know your thoughts on this topic.
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By: Jamie Redman
Title: ETC, RVN, ERGO Hashrate Soars Following The Merge, Large Quantity of Hashpower Awaits ETHW Fork
Sourced From: news.bitcoin.com/etc-rvn-ergo-hashrate-soars-following-the-merge-large-quantity-of-hashpower-awaits-ethw-fork/
Published Date: Thu, 15 Sep 2022 14:30:10 +0000
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