Assessing the state of ETC as its hashrate touches lowest level since the merge

December 28, 2022

By Abiodun Oladokun

• ETC is at its lowest hashrate since the merge took place.

• ETC’s price has also declined by more than half since then.

As miners undergo trying times on major Layer 1 blockchains, Ethereum Classic’s [ETC] hashrate clinched its lowest level since the merge, data from CoinWarz revealed. 

At a hash rate of 99.82 TH/s at press time, ETC’s hash rate has since declined by 50% since the Ethereum network transitioned into a proof-of-stake network on 15 September.

More than enough trouble for ETC

A further assessment of ETC’s on-chain performance revealed that the network struggled with inactivity since Ethereum’s move to PoS. This migration ended the requirement for miners on the Ethereum network, which led many of them to migrate to Ethereum Classic and the newly forked network Ethereum Proof-of-work (ETHPOW).

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