Miners have already switched to Ethereum Classic (ETC) as Ethereum (ETH) successfully transition to proof-of-stake (PoS) and made miners obsolete. In the last 24 hours, the Ethereum Classic (ETC) price has soared over 10% and the hash rate has jumped over 290 TH/s.
In fact, the massive increase in hash rate is a result of zero-fee ETC mining offered by several mining pools including F2Pool, Binance Pool, and BTC.com.
Ethereum Classic (ETC) Price and Hash Rate Jumps After Merge
Ethereum (ETH) transitioned from proof-of-work (PoW) to proof-of-stake (PoS) without any issues on September 15 at 06:42:42 UTC. The deprecation of PoW made miners obsolete. Thus, miners have switched to other PoW alternatives such as Ethereum Classic.
As a result, the Ethereum Classic hash rate has jumped 400%, as per mining pool 2Miners. In the last 24 hours, the hash rate has jumped from 58 TH/s to 290 TH/s. The massive jump is caused by zero-fee ETC mining offered by top mining pools.
Recently, several mining pools including F2Pool, Binance Pool, and BTC.com announced supporting ETC mining after the Merge. In fact, F2Pool and Binance Pool are offering free ETC mining for a month, whereas BTC.com offers “zero-fee” ETC mining for 3 months.
Meanwhile, the ETC price continues to rise higher as ETH becomes deflationary with the Merge. The ETC price has skyrocketed nearly 10% in the last 24 hours. It has a 24-hour low and high of $35.63 and $39.68, respectively. Moreover, the trading volume has hit over 100% and the market cap has reached $5.25 billion.
The ETC price is currently trading at $38 and the next resistance is at $42.33. However, the possibility of the price falling due to an increase in supply is higher. It will also depend on the Ethereum PoW hard fork ETHW.
Ethereum Merge Will Increase Adoption
The hard work of Ethereum developers, researchers, collaborators, clients, and others has paid off after a successful Merge. The Ethereum Merge was the most anticipated and complex upgrade yet seen in the crypto industry.
The market has reacted positively with the ETH price diving to $1,550 due to a decrease in ETH supply and selling by whales.