Ethereum Classic has pumped 26% in the last 24hrs as miners continue to make the switch from Ethereum ahead of The Merge.
With Ethereum (ETH) switching from a Proof-of-Work to a Proof-of-Stake (PoS) consensus - scheduled for September 19 - there has been a marked increase in the network hashrate for Ethereum Classic (ETC), which will not convert to the PoS algorithm.
According to data from 2miners.com, the network hashrate for ETC has more than doubled since mid-July, from around 20 Th/s to its current rate of 47 Th/s - a new all-time high.
What is Ethereum Classic and Why is it Pumping?
Ethereum Classic is the legacy chain of Ethereum, after a hard fork was created in 2016 following a split in the community over whether to revert to the chain or move to a new one following a major hack.
More than 11.5 million ETH was stolen - around $50 million at the time and $19 billion today - and there was a bitter dispute over the resolution.
Vitalik Buterin and Gavin Wood, who created...
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