Ethereum Basic noticed its hashrate balloon as Ethereum lastly transitioned to a proof-of-stake mechanism. The miners who have been kicked off the community and unable to make use of their machines had switched to others like Ethereum Basic and Ravencoin to deploy their very particular machines. Again then, ETC’s hashrate had elevated by greater than 200%, however now the community is seeing its hashrate drop once more.

Ethereum Basic hashrate dropped by nearly 50%

On September 16, the Ethereum Basic community mining hashrate hit a brand new all-time high of 199.4 terahashes per second (TH/s) after greater than per week of steadily growing. With that progress had come better use of the community, leading to a staggering worth enhance.

Nonetheless, because the Ethereum community settled into its Proof-of-Stake (POS) consensus mechanism, the Ethereum Basic hashrate is correcting decrease. The hashrate is now down nearly 50% prior to now 3 months, standing at 109.3 TH/s on December twenty second.

ETC hashrate down practically 50% in 3 months | Supply: Coinwarz

The decline can be as a result of bear market and muted curiosity from buyers. Since Bitcoin’s worth fell under $20,000, all cryptocurrencies within the area have seen the same decline. Ravencoin, one other proof-of-work community that garnered huge consideration after Ethereum switched to proof-of-stake, has additionally seen its hashrate plummet over the previous 3 months.

Ravencoin’s hashrate is now at 9.49 TH/s in comparison with its September 22, 2022 peak of 17.59 TH/s. In the meantime, different main proof-of-work networks, together with Litecoin and Dogecoin, have seen mining hashrate surge, whereas Bitcoin primarily stays round 250 exahashes per second (EH/s).

What concerning the ETC worth?

ETC, the native cryptocurrency of the Ethereum Basic community, has mainly been on a curler coaster journey within the three months since Ethereum moved to Proof of Stake. Because the community acquired extra consideration, ETC’s worth had elevated drastically at first. It will definitely peaked above $42 earlier than beginning one other downtrend.

At present costs, the digital asset has misplaced over 68% of its value since September 2022 and remains to be very a lot down. Additionally attracting plenty of consideration was Dogecoin, a proof-of-work cryptocurrency that noticed its worth surge after Elon Musk took over Twitter.

ETC worth down 68% in 3 months | Supply: ETCUSD on TradingView.com

Clearly, this surge in DOGE’s worth had prompted miners to modify to Dogecoin and finally take possession of Ethereum Basic. In fact, as curiosity dropped, the mining hashrate and worth additionally adopted the identical development.

ETC is now under its 100-day transferring common, which suggests buyers predict decrease costs. On the time of writing, it’s trading at $16.41, down 11% over the previous 7 days.

Featured picture from Crypto Information Flash, chart from TradingView.com