Holders of Ethereum Classic (ETC) are cautiously watching the mining activity of its blockchain, as the approaching merge of Ethereum (ETH) and its transition to the proof-of-stake consensus mechanism puts more attention on the six-year-old cryptocurrency.
The drastic jump in activity may signal a shift in focus for cryptocurrency miners. It could also reduce the risks of a so-called "51% attack" on ETC, which have been levied against the blockchain in the past.
The hash rate of the Ethereum Classic network—a measure of the computational power per second used when mining a cryptocurrency—hit an all time high on Thursday. According to data from crypto market intelligence firm Messari, the ETC hash rate was 42 terahashes, or 42 trillion hashes per second.
The previous high was 28.32 terahashes last May, coinciding with ETC's all-time-high price of $118.
A likely reason for the increased activity is the fact that the merge will leave Ethereum miners in the lurch, holding expensive...
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