As Ethereum’s long-awaited upgrade nears, miners appear to be switching their rigs over to Ethereum Classic.
Ethereum is set to end mining on its network tonight following the merge, which transitions the network to proof of stake. Meanwhile, the “original” Ethereum chain—Ethereum Classic, which forked back in 2016—has hit an all-time high hash rate of 65.49 terahashes per second (TH/s), according to 2miners.com data.
Hash rate refers to the computational power used to mine a cryptocurrency. Assets like Bitcoin, Ethereum Classic, and Ethereum (before the merge) use a proof-of-work system, which requires lots of powerful computers—and energy—to process transactions.
But Ethereum, the second-largest cryptocurrency by market cap, today is making its long-awaited move to a proof-of-stake blockchain—replacing miners with validators, people who “stake” the cryptocurrency to keep the network secure and running.
The upgrade will make the network “99% more energy efficient,” according to the...
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