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.
Register your email here to get weekly price analysis updates sent to your inbox:
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
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer 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 is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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.
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.
Register your email here to get weekly price analysis updates sent to your inbox:
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
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer 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 is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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.
PRESS RELEASE. Yield App, a global FinTech company and digital wealth platform which has attracted more than 80,000 customers since its launch in February 2021, is enhancing its product suite with a new higher-yielding crypto passive income alternative.
The new crypto passive income product suite has been named Earn+ and comprises stablecoin and Ether portfolios with a 30-day redemption notice period. In addition, the existing BTC passive income product will be upgraded to have the same features as Earn+.
These portfolios now pay the highest yields on the crypto assets available on the platform, with up to 10% p.a. currently available on Earn Plus stablecoin products to Diamond Tier members.
Yield App Diamond Tier members must stake or lock 20,000+ of its native token YLD on the digital wealth platform. They are rewarded with the highest interest rates across Yield App’s crypto passive income product range, as well as a range of additional perks.
The existing instant access products remain available under the title Flexible, paying an alternative interest rate in exchange for instant liquidity. The additional Earn+ product range provides customers with greater flexibility in terms of how they choose to earn passive income on the Yield App platform.
Tim Frost, CEO of Yield App, says: “I am thrilled that Yield App is continuing to grow and expand its offering during a turbulent time for the cryptocurrency markets.
“This latest launch is a testament to our strengths in asset management and risk mitigation, which have carried us through the market turmoil and allowed us to take advantage of the yield-generating opportunities available in the market as a result of the recent volatility.”
Yield App is a digital wealth platform that allows its customers to earn secure and sustainable yields on the biggest digital assets. Customers can earn passive income and convert their digital assets within the intuitive web platform and crypto app.
Customers simply deploy their crypto assets into Yield App portfolios to earn passive income on stablecoins, BTC and ETH, compounding daily. At the core of the platform’s strategy is its $YLD token, which rewards loyal community members with a higher APY the more YLD they stake or lock on the platform.
– ENDS –
About Yield App
Yield App believes that everyone should have access to the best earning opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital wealth platform and crypto app that bridges traditional and decentralized finance in the easiest way possible.
For more information, please contact pr@yield.app or visit www.yield.app.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
Source From : News