Mining of Ethereum Classic cryptocurrency increased by 280% per day

The hashrate of Ethereum Classic cryptocurrency mining has increased by 280% over the past 24 hours — all because miners will no longer be able to operate on the Ethereum network, which is already operating under the Proof-of-Stake algorithm.

As it became known, the hashing rate on the Ethereum Classic network jumped to 183 terahashes per second (TH/s), which is 280% higher than 64 TH/s a day earlier, before The Merge. The sudden increase in hash rate occurred after the successful transition of Ethereum to the green blockchain.

It is worth noting that Charles Hoskinson, the founder of Cardano, considers Ethereum Classic to be a dead cryptocurrency that does not use its full potential. In early September, Hoskinson proposed to introduce a 20% tax on Ethereum Classic mining for miners (perhaps because Hoskinson is an environmentalist). The cryptocurrency community took Hoskinson’s comments ambiguously, and many disagreed with the ADA father’s opinion.

In 2016, developers split Ethereum. As a result, some miners were left to work with the old Ethereum Classic (ETC) blockchain, but it did not reach the desired value and popularity at the time. At the time of writing, the value of ETC fell by 8.87% per day, and the cryptocurrency is trading at $ 33.95.