{"id":513410,"date":"2022-12-22T18:00:55","date_gmt":"2022-12-22T23:00:55","guid":{"rendered":"https:\/\/ktsl888.com\/?p=513410"},"modified":"2024-06-11T14:33:12","modified_gmt":"2024-06-11T14:33:12","slug":"ethereum-classic-hashrate-dumps-almost-50","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum-classic-hashrate-dumps-almost-50\/","title":{"rendered":"Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?"},"content":{"rendered":"

Ethereum Classic saw its hashrate balloon when Ethereum finally moved to a proof of stake mechanism. The miners who were being kicked out of the network and could no longer use their machines had switched to others such as Ethereum Classic and Ravencoin to put their very specific machines to use. At the time, ETC\u2019s hashrate had grown more than 200%, but now the network is seeing its hashrate fall once more.<\/p>\n

Ethereum Classic Hashrate Down By Almost 50%<\/h2>\n

On Sep. 16, the mining hashrate of the Ethereum Classic network reached a new all-time high of 199.4 terahashes per second (TH\/s) after climbing steadily for more than a week. With this growth had come more usage on the network, triggering staggering growth in its price.<\/p>\n

Related Reading: Bitcoin Retail Investors Now Hold 17% Of Total BTC Supply, But Is It Good News?<\/a><\/div>\n

However, as the Ethereum network has settled into its proof of stake (POS) consensus mechanism, the Ethereum Classic hashrate is correcting downwards. Hashrate is now down almost 50% in the last 3 months<\/a> to be sitting at 109.3 TH\/s on Dec. 22.<\/p>\n

\"Ethereum<\/p>\n

ETC hashrate down almost 50% in 3 months | Source: Coinwarz<\/a><\/pre>\n
The decline can also be attributed to the bear market and the muted interest from investors. Since bitcoin\u2019s price touched below $20,000, all of the cryptocurrencies in the space have seen a similar decline. Ravencoin, another proof of work network that got massive attention following Ethereum\u2019s move to proof of stake, has also seen its hashrate plummet in the last 3 months.<\/p>\n
Ravencoin\u2019s hashrate now sits at 9.49 TH\/s compared to its Sep. 22, 2022 peak of 17.59 TH\/s. Meanwhile, other leading proof of work networks including Litecoin and Dogecoin has seen an increase in mining hashrate, whereas bitcoin remains mostly around 250 exahashes per second (EH\/s).<\/p>\n
What About ETC Price?<\/h2>\n
ETC, the native cryptocurrency of the Ethereum Classic network, was basically on a rollercoaster in the three months since Ethereum moved to proof of stake. At first, as the network began to get more attention, ETC\u2019s price had risen drastically. It eventually peaked above $42 before starting another downtrend.<\/p>\n
Related Reading: https:\/\/ktsl888.com\/news\/bitcoin\/microstrategy-bought-bitcoin\/<\/a><\/div>\n
At current prices, the digital asset has lost over 68% of its value from September 2022 and is still very bearish. A lot of attention had also moved on to Dogecoin, a proof-of-work cryptocurrency that saw a surge in price following Elon Musk\u2019s takeover of Twitter.<\/p>\n
\"Ethereum<\/p>\n
ETC price down 68% in 3 months | Source: ETCUSD on  TradingView.com<\/a><\/pre>\n
Obviously, this increase in the price of DOGE had incentivized miners to move over to Dogecoin, eventually taking share from Ethereum Classic. As interest fell, so did the mining hashrate and price naturally followed the same trend.<\/p>\n
ETC now sits below its 100-day moving average, which means that investors are expecting lower prices to come. It is trading at $16.41 at the time of this writing, down 11% in the last 7 days.<\/p>\n
Featured image from Crypto News Flash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum Classic saw its hashrate balloon when Ethereum finally moved to a proof of stake mechanism. The miners who were being kicked out of the network and could no longer use their machines had switched to others such as Ethereum Classic and Ravencoin to put their very specific machines to use. At the time, ETC\u2019s hashrate had grown more than 200%, but now the network is seeing its hashrate fall once more. Ethereum Classic Hashrate Down By Almost 50% On Sep. 16, the mining hashrate of the Ethereum Classic network reached a new all-time high of 199.4 terahashes per second (TH\/s) after climbing steadily for more than a week. With this growth had come more usage on the network, triggering staggering growth in its price. Related Reading: Bitcoin Retail Investors Now Hold 17% Of Total BTC Supply, But Is It Good News? However, as the Ethereum network has settled into its proof of stake (POS) consensus mechanism, the Ethereum Classic hashrate is correcting downwards. Hashrate is now down almost 50% in the last 3 months to be sitting at 109.3 TH\/s on Dec. 22. ETC hashrate down almost 50% in 3 months | Source: Coinwarz The decline can also be attributed to the bear market and the muted interest from investors. Since bitcoin\u2019s price touched below $20,000, all of the cryptocurrencies in the space have seen a similar decline. Ravencoin, another proof of work network that got massive attention following Ethereum\u2019s move to proof of stake, has also seen its hashrate plummet in the last 3 months. Ravencoin\u2019s hashrate now sits at 9.49 TH\/s compared to its Sep. 22, 2022 peak of 17.59 TH\/s. Meanwhile, other leading proof of work networks including Litecoin and Dogecoin has seen an increase in mining hashrate, whereas bitcoin remains mostly around 250 exahashes per second (EH\/s). What About ETC Price? ETC, the native cryptocurrency of the Ethereum Classic network, was basically on a rollercoaster in the three months since Ethereum moved to proof of stake. At first, as the network began to get more attention, ETC\u2019s price had risen drastically. It eventually peaked above $42 before starting another downtrend. Related Reading: https:\/\/ktsl888.com\/news\/bitcoin\/microstrategy-bought-bitcoin\/ At current prices, the digital asset has lost over 68% of its value from September 2022 and is still very bearish. A lot of attention had also moved on to Dogecoin, a proof-of-work cryptocurrency that saw a surge in price following Elon Musk\u2019s takeover of Twitter. ETC price down 68% in 3 months | Source: ETCUSD on TradingView.com Obviously, this increase in the price of DOGE had incentivized miners to move over to Dogecoin, eventually taking share from Ethereum Classic. As interest fell, so did the mining hashrate and price naturally followed the same trend. ETC now sits below its 100-day moving average, which means that investors are expecting lower prices to come. It is trading at $16.41 at the time of this writing, down 11% in the last 7 days. Featured image from Crypto News Flash, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":513422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[7,9133,87550,9209,9134,2312,16604],"class_list":["post-513410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dogecoin","tag-etc","tag-etc-hashrate","tag-etc-price","tag-ethereum-classic","tag-hashrate","tag-ravencoin"],"acf":[],"yoast_head":"\nEthereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?<\/title>\n<meta name=\"description\" content=\"Ethereum Classic saw its hashrate balloon when Ethereum finally moved to a proof of stake mechanism. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?","url":"http:\/\/ktsl888.com\/news\/ethereum-classic-hashrate-dumps-almost-50\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum-classic-hashrate-dumps-almost-50\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Ethereum-Classic-hashrate.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Ethereum-Classic-hashrate.jpeg?fit=1000%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["dogecoin","etc","etc hashrate","etc price","ethereum classic","hashrate","ravencoin"],"dateCreated":"2022-12-22T23:00:55Z","datePublished":"2022-12-22T23:00:55Z","dateModified":"2024-06-11T14:33:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum-classic-hashrate-dumps-almost-50\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum-classic-hashrate-dumps-almost-50\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Ethereum-Classic-hashrate.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Ethereum-Classic-hashrate.jpeg?fit=1000%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"dogecoin\",\"etc\",\"etc hashrate\",\"etc price\",\"ethereum classic\",\"hashrate\",\"ravencoin\"],\"dateCreated\":\"2022-12-22T23:00:55Z\",\"datePublished\":\"2022-12-22T23:00:55Z\",\"dateModified\":\"2024-06-11T14:33:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/Ethereum-Classic-hashrate.jpeg?fit=1000%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/513410"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=513410"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/513410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/513422"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=513410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=513410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=513410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}