Following Ethereum's transition to proof-of-stake in September 2022, Ethereum Classic has seen a dramatic increase in network hashrate as miners seek new proof-of-work opportunities.
The Migration
When Ethereum completed "The Merge" on September 15, 2022, it ended proof-of-work mining on that network. Many miners who had invested in GPU hardware looked to alternative chains, with Ethereum Classic being a natural choice due to its use of the ETChash algorithm.
Hashrate Growth
ETC network hashrate increased significantly:
- Pre-Merge: ~25 TH/s
- Post-Merge: Peaked at over 200 TH/s
- Current: Stabilized at higher levels than pre-Merge
Security Implications
Higher hashrate means:
- Greater Attack Resistance: More computational power needed to attempt attacks
- Network Stability: Consistent block times and reliable transaction processing
- Miner Confidence: Demonstrates economic viability of ETC mining
What This Means for ETC
Ethereum Classic has emerged as one of the largest proof-of-work smart contract platforms by hashrate. This positions ETC as a viable option for users and developers who value proof-of-work security.
The increased mining activity also brings more attention to the ETC ecosystem, potentially attracting new developers and projects.