On August 31, 2022, Ethereum Classic’s hashrate reached another all-time high (ATH) this year at block height 15,850,811. Ethereum Classic’s global hashpower surpassed the 40 terahash per second (TH/s) region on Wednesday. Despite the fact that the network’s hashrate has risen a great deal, Ethereum’s hashrate remains relatively unchanged with just over 1,000 TH/s dedicated to the network.
At the time of writing, Ethereum’s total difficulty is 12374533505752422, and when the total difficulty reaches 58750000000000000000 in roughly 13 days, the network will transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain via The Merge.
When the transition is codified into the codebase, ethereum (ETH) miners will no longer be able to mine the digital currency. There are roughly 66 ether mining pools currently dedicating Ethash hashrate toward Ethereum, and they represent 1.04 petahash per second (PH/s) or 1,040 (TH/s) of hashpower.
When the change occurs, Ethash miners will have to mine a different network, and they can choose blockchains such as Ethereum Classic, Ravencoin, Beam, and Ergo. It’s been widely reported during the last two months that many believe the Ethereum Classic (ETC) network will reap the rewards of ethereum miners migrating to another chain.
In fact, ETC has seen an increase in recent times, and on August 31, 2022, the network hashrate reached an ATH tapping 40.73 TH/s at block height 15,850,811. However, while Ethereum’s hashrate has dropped some at the end of June, it has remained roughly the same since July 1, 2022.
Ethereum’s hashrate recorded a slight rise during the last 62 days, and the added terahash is the same amount of hashpower that secures the entire ETC chain. Ravencoin, Beam, and Ergo hashrates may have recorded slight upticks in terms of hashpower, but nothing compared to the rise ETC recorded since the first week of August 2022.
ETC’s hashrate has reached record all-time high achievements multiple times this week, and during the last 24 hours. With statistics showing that ethereum miners will likely continue mining ether all the way until the end (The Merge), Ethash-consensus chains like ETC may see a massive wave of dedicated hashpower within the next two weeks.
A number of large mining pools including Ethermine and Antpool have explained that they planned to stop mining ether in a PoW fashion and will support the ETH 2.0 transition. Furthermore, Ethermine announced the launch of a liquid staking service dedicated to the ETH 2.0 chain, and Antpool once said it was dedicating $10 million in resources toward the Ethereum Classic ecosystem.
Both mining pools (Ethermine, Antpool) and many others already mine ETC and are suggesting that pool participants choose another Ethash-consensus chain like ETC, RVN, BEAM, or ERGO when The Merge takes place. When the hashrate wave comes is anyone’s guess, as it is extremely profitable to mine ethereum (ETH) in comparison to mining coins that leverage other consensus algorithms.
Statistics on Thursday, September 1, 2022, at 11:00 a.m. (EST) indicate that Bitmain’s new Ethash miner the Antminer E9 with 2,400 megahash per second (MH/s) can get an estimated $47.72 per day in profits. An Innosilicon A11 with 1,500 MH/s can get an estimated $26.52 per day in ether profits.
What do you think about Ethereum Classic’s hashrate tapping an all-time high on August 31? When do you expect one of these Ethash consensus networks to get a wave of hashpower? Let us know what you think about this subject in the comments section below.
Jamie 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
On August 31, 2022, Ethereum Classic’s hashrate reached another all-time high (ATH) this year at block height 15,850,811. Ethereum Classic’s global hashpower surpassed the 40 terahash per second (TH/s) region on Wednesday. Despite the fact that the network’s hashrate has risen a great deal, Ethereum’s hashrate remains relatively unchanged with just over 1,000 TH/s dedicated to the network.
At the time of writing, Ethereum’s total difficulty is 12374533505752422, and when the total difficulty reaches 58750000000000000000 in roughly 13 days, the network will transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain via The Merge.
When the transition is codified into the codebase, ethereum (ETH) miners will no longer be able to mine the digital currency. There are roughly 66 ether mining pools currently dedicating Ethash hashrate toward Ethereum, and they represent 1.04 petahash per second (PH/s) or 1,040 (TH/s) of hashpower.
When the change occurs, Ethash miners will have to mine a different network, and they can choose blockchains such as Ethereum Classic, Ravencoin, Beam, and Ergo. It’s been widely reported during the last two months that many believe the Ethereum Classic (ETC) network will reap the rewards of ethereum miners migrating to another chain.
In fact, ETC has seen an increase in recent times, and on August 31, 2022, the network hashrate reached an ATH tapping 40.73 TH/s at block height 15,850,811. However, while Ethereum’s hashrate has dropped some at the end of June, it has remained roughly the same since July 1, 2022.
Ethereum’s hashrate recorded a slight rise during the last 62 days, and the added terahash is the same amount of hashpower that secures the entire ETC chain. Ravencoin, Beam, and Ergo hashrates may have recorded slight upticks in terms of hashpower, but nothing compared to the rise ETC recorded since the first week of August 2022.
ETC’s hashrate has reached record all-time high achievements multiple times this week, and during the last 24 hours. With statistics showing that ethereum miners will likely continue mining ether all the way until the end (The Merge), Ethash-consensus chains like ETC may see a massive wave of dedicated hashpower within the next two weeks.
A number of large mining pools including Ethermine and Antpool have explained that they planned to stop mining ether in a PoW fashion and will support the ETH 2.0 transition. Furthermore, Ethermine announced the launch of a liquid staking service dedicated to the ETH 2.0 chain, and Antpool once said it was dedicating $10 million in resources toward the Ethereum Classic ecosystem.
Both mining pools (Ethermine, Antpool) and many others already mine ETC and are suggesting that pool participants choose another Ethash-consensus chain like ETC, RVN, BEAM, or ERGO when The Merge takes place. When the hashrate wave comes is anyone’s guess, as it is extremely profitable to mine ethereum (ETH) in comparison to mining coins that leverage other consensus algorithms.
Statistics on Thursday, September 1, 2022, at 11:00 a.m. (EST) indicate that Bitmain’s new Ethash miner the Antminer E9 with 2,400 megahash per second (MH/s) can get an estimated $47.72 per day in profits. An Innosilicon A11 with 1,500 MH/s can get an estimated $26.52 per day in ether profits.
What do you think about Ethereum Classic’s hashrate tapping an all-time high on August 31? When do you expect one of these Ethash consensus networks to get a wave of hashpower? Let us know what you think about this subject in the comments section below.
Jamie 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
Solana was back in the red on Thursday, as the token fell towards a three-month low in today’s session. The decline comes as cryptocurrency markets fell lower, trading down by as much as 2.39% as of writing. Litecoin was a notable exception, climbing for a second successive session.
Solana (SOL) was down by over 5% during Thursday’s session, as prices moved closer to a multi-month low.
Following a high of $32.38 on Wednesday, SOL/USD slipped to a low of $30.51 earlier in the day.
This decline pushes SOL closer to its floor at $29.90, which is also its lowest level since June 18, when prices were as low as $26.90.
Last month saw solana fall rapidly, going from a peak of $48.32 on August 13, to a low of $29.91 on August 29.
The bearish sentiment seems to have carried into September, with the relative strength index still in oversold territory.
As of writing, the index is tracking at 33.82, which is close to a floor of 32.32. Should we see this support hit, prices will likely recapture June’s low..
While solana fell lower, litecoin (LTC) was trading higher on Thursday, as the token extended recent gains.
LTC/USD rose to a high of $56.50 earlier in today’s session, moving away from Tuesday’s low of $51.85, which saw the token hit a two-month bottom.
Since then, prices have climbed in back-to-back sessions, with today’s surge taking prices close to a key resistance point.
As litecoin approached its ceiling of $57.00, price uncertainty was insured, with bulls securing profits, as opposed to maintaining their positions.
Due to this, LTC is now trading at $55.40 which is over $1.00 lower than today’s previous peak.
A reason for this is that the RSI has collided with an obstacle, in the form of a resistance point at 47.25.
Should LTC bulls target further gains, then this hurdle must be overcome.
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Could we see litecoin break the $57.00 ceiling this week? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
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