As a long-awaited upgrade to Ethereum gets closerMiners seem to switch their rigs on ethereum classic,
Ethereum ready to end digging on your network tonight after the merge, which converts the network proof of stake, Meanwhile, the “native” Ethereum chain—Ethereum Classic, released way back in 2016—has hit an all-time high hash rate of 65.49 terahashes per second (TH/s), according For 2miners.com data.
hash rate Refers to the computational power used to mine the cryptocurrency. property like Bitcoin, ethereum classicAnd Ethereum (before merge) a . use proof-of-work system, which requires lots of powerful computers and energy to process transactions.
But Ethereum, the second-largest cryptocurrency by market cap, is today making its long-awaited move to a proof-of-stake blockchain – replacing miners with validators, people who work to keep the network secure and running. Let’s “stake” cryptocurrencies.
Upgrade will create network”99% more energy efficient,” according to the Ethereum Foundation. Almost anyone can join the staking process, help secure new networks and earn ETH passively, either by staking up to 32 ETH themselves or using something like Coinbase One can join the staking pool through the exchange.
But the move leaves former Ethereum miners probably nothing to domany will likely Instead my ethereum classic and other compatible coins, like Ravencoin,
ethereum classic is one hard fork Of Ethereum: In 2016, there was disagreement among those involved in the cryptocurrency as to where the network should go after the DAO hack, which saw $55 million in crypto Stolen Because of a vulnerability in the code.
In the end, the developers went their separate ways and created two new blockchains – Ethereum and Ethereum Classic, which trade as ETC.
ETC is not as popular as Ethereum, which is widely used because developers use its blockchain to build applications. But miners will have to turn to Ethereum Classic or similar coins to continue using their hardware and remain profitable.
Ethereum Classic is currently the eighteenth largest cryptocurrency, with a market cap of over $5 billion.