{"id":17081,"date":"2023-01-30T15:56:20","date_gmt":"2023-01-30T15:56:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ethereum-classics-hashrate-and-price-trend-lower-after-ethereum-pow-to-pos-transition-altcoins-bitcoin-news\/"},"modified":"2023-01-30T15:56:20","modified_gmt":"2023-01-30T15:56:20","slug":"ethereum-classics-hashrate-and-price-trend-lower-after-ethereum-pow-to-pos-transition-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ethereum-classics-hashrate-and-price-trend-lower-after-ethereum-pow-to-pos-transition-altcoins-bitcoin-news\/","title":{"rendered":"Ethereum Classic\u2019s Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Just before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic\u2019s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH\/s) of hashrate. However, since then, the network\u2019s hashrate has decreased significantly as 44.33% of it has been lost over the last 134 days.<\/strong><\/p>\n

Ethereum Classic Loses Luster After The Merge<\/h2>\n

Ethereum Classic (ETC)<\/a> was the center of attention just before Ethereum\u2019s (ETH<\/a>) big transition, but has since lost its PoW dance partner. Since Ethereum\u2019s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC<\/a>) network has seen an increase in hashrate. On Jan. 17, 2022, ETC<\/a> had 23.87<\/a> terahash per second (TH\/s) of hashrate. As of Jan. 30, 2023, over a year later, Ethereum Classic has a total of 119.32<\/a> TH\/s in hashrate, a 399% increase in 12 months. However, 134 days ago, ETC<\/a>\u2019s computational power was more than 44% higher.<\/p>\n

ETC<\/a>\u2019s price and hashrate both saw a significant increase on Sept. 15, 2022, the day of the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC)<\/a> was valued at around $35.81 per coin, after reaching $39 per unit the day prior. Ethereum Classic\u2019s price was on fire at the time, but it has since cooled off like a wet campfire. As of Jan. 30, 2023, ETC<\/a> is trading at $22.98<\/a> per unit, a decrease of 35.82% from its value after the transition. Archive.org records<\/a> show that on Sept. 18, 2022, 214.37 terahash per second (TH\/s) was dedicated to the Ethereum Classic network.<\/p>\n

Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH\/s) of the total 119.32 TH\/s, equating to 22.55% of the network\u2019s hashrate. Ethermine.org follows with 16.48 TH\/s, accounting for about 13.81% of ETC<\/a>\u2019s hashrate. The other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These ten ETC<\/a> mining pools have a total hashrate of approximately 95.11 TH\/s.<\/p>\n

Moreover, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (defi) protocols on Sept. 15, 2022. As of today, the TVL in Ethereum Classic defi protocols has decreased 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 the worst seven-day TVL decrease of -6.87% in the past week.<\/p>\n

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\nTags in this story
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2miners.com<\/a>, Altcoins<\/a>, Antpool<\/a>, COIN<\/a>, computational power<\/a>, decentralized exchange<\/a>, decentralized finance<\/a>, Decrease<\/a>, Defi protocols<\/a>, Dogpool.one<\/a>, ETC<\/a>, Ethereum<\/a>, Ethereum Classic<\/a>, ethereum classic (ETC)<\/a>, ethermine.org<\/a>, Ezil.me<\/a>, F2Pool<\/a>, Hashrate<\/a>, Hebeswap<\/a>, hiveon.net<\/a>, increase<\/a>, mining pool<\/a>, Pool.btc.com<\/a>, Poolin<\/a>, Price<\/a>, Proof of Work<\/a>, Proof-of-Stake<\/a>, richpool.pro<\/a>, seven-day decrease<\/a>, terahash per second<\/a>, total value locked<\/a>, transition<\/a>, TVL<\/a>, unit<\/a>, Value<\/a><\/div>\n<\/div>\n

What do you see for the future of Ethereum Classic? Let us know what you think about this subject in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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