It wasn’t long ago that the Ethereum Community made the move from a Proof-of-work (PoW) to a proof-of-stake (PoS) blockchain. Ethereum Classic got a major boost as a result. Just three days after the switch, Ethereum Classic had 214.37 Terahash per Second (TH/s). However, the community’s hash rate has seen a significant decline since then, dropping 44.33% in the last 134 days.
Ethereum Classic Loses its Shine After Transition
Ethereum Classic was the talk of the town just moments before the big Ethereum Transition (ETH) to proof-of-stake (PoS). The ETC community saw a big jump in hashrate since Ethereum’s switch from proof-of-work (PoW). On January 17, 2022, ETC had 23.87 Tetrahash per Second (TH/s) of hashrate. As of January 30, 2023, a little over a year later, Ethereum Classic has a total hashrate at 119.32 THB/s, an increase of 399% in twelve months. However, ETC’s computing power has diminished by 44% in the past 134 days.
The ETC community saw a huge spike in its price and hashrate on September 15, 2022, the day of Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS). After hitting $39 per unit the day before, ethereum classic (ETC) was valued at $35.81 per coin that day. The Ethereum Classic price was through the roof at the time, but has since cooled down. As of January 30, 2023, ETC is trading at $22.98/unit, a 35.82% drop from its post-transition value. Data on archive.org shows that on September 18, 2022, 214.37 Terahash per Second (TH/s) of hashrate was dedicated to the Ethereum Classic community.
Currently, F2pool is the largest Ethereum Classic mining pool holding 26.91 Terahash per Second (TH/s) of the total 119.32 T/s. This is equivalent to 22.55% of the ETC hashrate. Ethermine.org follows closely with 16.48 THB/s, roughly 13.81% of ETC’s hashrate. 2miners.com is also one of the many mining pools in the top ten. Other notable ETC mining pools include Ezil.me, Dogpool.one, Hiveon.net, Poolin, Richpool.pro, Pool.btc.com, and Antpool. The total hashrate for these ETC mining pools is approximately 95.11 THB/s.
Additionally, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (DeFi) protocols on September 15, 2022. As of now, the TVL in Ethereum Classic DeFi Protocols has dropped 56.84% to $376,803. Currently, the decentralized exchange platform (DEX) Hebeswap holds 58.74% of the TVL, with a TVL of $221,000.335. Unfortunately, this DEX also had the most severe seven-day TVL decrease of -6.87% over the past week.
What do you think the future holds for Ethereum Classic? Let us know your thoughts on this matter in the comment section.
