As the crypto bear market continues to pull the price of digital assets lower, Ethereum Classic and Ravencoin, both potential post-merge havens for proof-of-work miners, are seeing double-digit losses.
The price of Ethereum Classic has fallen 23.4% in the week following the merge. The proof-of-work hardfork of the now proof-of-stake Ethereum saw the price of its coin drop from $38.93 on September 15, 2022, the day of the merge, to $29.39 today, according to data from CoinGecko.
Ethereum Classic's hashrate spiked to 223.32 TH per second the day of the merge, up from 58.12 TH the day before. Since then, the hashrate has fallen to 160.32 TH per second, according to mining data site CoinWarz.
Hashrate refers to the total combined computational power used to mine and process blockchain transactions. Terahashes per second (Th/s) is equivalent to 1 trillion hashes per second.
Other proof-of-work blockchains like Ravencoin have shown a similar dynamic as Ethereum Classic. Ravencoin's price...
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