Breaking: Ethereum Classic (ETC) Values Surge Phenomenally Hash Rate 80% Post Merge

The successful incarnation of Ethereum (ETH) into the proof-of-stake (PoS) mode has left the miners unemployed and the miners are already making the switch to Ethereum Classic (ETC) which is based on the proof-of-work protocol. In the last 24 hours, the values of Ethereum Classic have surged by more than 10% and the hash rate has also swelled to over 290 TH/s.

A number of mining pools which includes F2Pool, Binance Pool, and BTC.com are offering zero-fee ETC mining and this is the main reason for the massive jump in hash rate.

Ethereum Classic (ETC) Price and Hash Rate Surge Post Merge

The Merge upgrade was effected in the Ethereum platform and it marked the change from PoW to PoS protocol. The Merge upgrade is only the first of a series of software updates. The PoW protocol is very energy intensive and PoS will lead to a fall in energy consumption by more than 99%.

Ethereum’s (ETH) transition from proof-of-work (PoW) to proof-of-stake (PoS) was smoothly accomplished on September 15 at 06:42:42 UTC. The unemployed miners have made the switch to other PoW alternatives such as Ethereum Classic (ETC).

A number of prominent mining pools including F2Pool, Binance Pool, and BTC.com have given their consent for ETC mining after the Merge. Interestingly F2Pool and Binance Pool is giving free Ethereum Classic (ETC) mining for a month, while BTC.com offers “zero-fee” ETC mining for 3 months.

ETC prices are surging while ETH is suffering from a bout of deflationary incidence just after the Merge. When reports last came in ETC prices is changing hands at $36.91. The total market cap of the ETC is $5,053,101,634 and shows a growth of 5.10%. The fully diluted Market Cap is $7,777,606,115 In the last 24 hours, its volume has reached $2,803,507,177, up 115.85%. The book-to-market cap ratio is 0.03607. ETC has a circulating supply of 136,891,544.59 ETC and a total supply of 210,700,000