After seven years as a PoW blockchain, Ethereum has officially transitioned from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) system. The merger forced Ethereum miners to migrate to other PoW-based tokens, and after the regulatory change, a few PoW coins compatible with Ethash’s algorithm saw their hashrates rise. Ethereum Classic’s hashrate has tripled since the merger was triggered by Ethereum’s Paris update.
5 tokens reap the benefits of Ethereum’s Leftover Hashrate
Ethereum, the second largest in terms of market capitalization, now operates on a proof-of-stake (PoS) blockchain system. The merger was triggered by the Paris update on September 15, with a block height of 15,537,391 at 2:42:42 am ET. A few hours before the merger, Ethereum’s hashrate dropped significantly, and more hashrate was suggested on Ethereum Classic (ETC).
In the morning hours (ET) of September 15, the ETC hash rate was around 80.77 Terashes per second (TH/s). Hours after the September 16th merger, ETC’s hashrate increased by 228%, reaching a current 228.62 TH/s. ETC was the main beneficiary of Ethereum’s forced PoW to PoS transition, gaining the highest hashrate. However, a handful of other tokens with similar hashing algorithms have also seen significant increases in computational power.
At the start of the day on September 15, the Ravencoin (RVN) hashrate was around 10.15 TH/s, but by the next day it was up 64.23% at 16.67 TH/s. Ergo saw a significant hashret jump when it started on Wednesday at 56.39 TH/s and was up 123.94% at 126.28 TH/s by Thursday morning (ET).
A significant amount of hashrate is still missing – Hashpower seems to be waiting for the new fork
In addition to ETC, ERGO and RVN, the crypto network FLUX and BEAM increase in hashrate, but a much smaller percentage compared to the rise of ETC and ERGO. FLUX hashrate increased by 40% and BEAM showed its computational power by 74.25%. A lot of hashrate has been given to the five tokens mentioned above, Ethereum’s full hashrate has not been transferred to ETC, ERGO, BEAM, FLUX or RVN. It seems a lot that the hashrate is simply blocked or miners are waiting for the new Ethereum validation network ETHW.
Here is a list of mining pools on the way, it will be updated as more pools join.
I want to say thank you to all of you!https://t.co/TwIB7VFlJd– EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
The team behind ETHW explained on condition of anonymity two days ago that the blockchain network will launch 24 hours after the merger. According to the official ETHW Twitter page, large mining pools such as Btc.com, Poolin, F2pool, 2miners, Antpool, Bitdog and Solomine are planning to provide hashrate to the ETHW chain.
“Nanopool supports the EthPow Ethereum fork, which is expected to be operational within 24 hours after the ETH merger occurs,” said mining operation Nanopool. He wrote on Wednesday. No one is sure how much hashrate was delayed to secure the ETHW fork, but despite the forks registered by RVN, ETC and ERGO, a very small amount of ETH hashrate is still missing.
What do you think about the options for miners after the merger? Do you think a large amount of Hashrate will protect the new fork? Let us know what you think about this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.