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Ethereum Classic noticed its hashrate balloon when Ethereum lastly moved to a proof of stake mechanism. The miners who have been being kicked out of the community and will now not use their machines had switched to others akin to Ethereum Classic and Ravencoin to place their very particular machines to make use of. At the time, ETC’s hashrate had grown greater than 200%, however now the community is seeing its hashrate fall as soon as extra.

Ethereum Classic Hashrate Down By Almost 50%

On Sep. 16, the mining hashrate of the Ethereum Classic community reached a brand new all-time excessive of 199.4 terahashes per second (TH/s) after climbing steadily for greater than per week. With this progress had come extra utilization on the community, triggering staggering progress in its worth.

However, because the Ethereum community has settled into its proof of stake (POS) consensus mechanism, the Ethereum Classic hashrate is correcting downwards. Hashrate is now down almost 50% in the last 3 months to be sitting at 109.3 TH/s on Dec. 22.

ETC hashrate down nearly 50% in 3 months | Source: Coinwarz

The decline can be attributed to the bear market and the muted curiosity from traders. Since bitcoin’s worth touched under $20,000, the entire cryptocurrencies within the area have seen an identical decline. Ravencoin, one other proof of labor community that acquired huge consideration following Ethereum’s transfer to proof of stake, has additionally seen its hashrate plummet within the final 3 months.

Ravencoin’s hashrate now sits at 9.49 TH/s in comparison with its Sep. 22, 2022 peak of 17.59 TH/s. Meanwhile, different main proof of labor networks together with Litecoin and Dogecoin has seen a rise in mining hashrate, whereas bitcoin stays principally round 250 exahashes per second (EH/s).

What About ETC Price?

ETC, the native cryptocurrency of the Ethereum Classic community, was principally on a rollercoaster within the three months since Ethereum moved to proof of stake. At first, because the community started to get extra consideration, ETC’s worth had risen drastically. It ultimately peaked above $42 earlier than beginning one other downtrend.

At present costs, the digital asset has misplaced over 68% of its worth from September 2022 and remains to be very bearish. A number of consideration had additionally moved on to Dogecoin, a proof-of-work cryptocurrency that noticed a surge in worth following Elon Musk’s takeover of Twitter.

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ETC worth down 68% in 3 months | Source: ETCUSD on  TradingView.com

Obviously, this improve within the worth of DOGE had incentivized miners to maneuver over to Dogecoin, ultimately taking share from Ethereum Classic. As curiosity fell, so did the mining hashrate and worth naturally adopted the identical pattern.

ETC now sits under its 100-day transferring common, which implies that traders expect decrease costs to return. It is buying and selling at $16.41 on the time of this writing, down 11% within the final 7 days.

Featured picture from Crypto News Flash, chart from TradingView.com