ETC, RVN, ERGO Hashrate Soars Following The Merge, Large Quantity of Hashpower Awaits ETHW Fork

Ethereum has officially transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) system after seven years of operating as a PoW blockchain. The Merge has forced ethereum miners to transition to other PoW-based tokens and after the ruleset change was codified, a handful of PoW coins compatible with the Ethash algorithm saw their hashrates skyrocket. Ethereum Classic’s hashrate has tripled in size since The Merge was triggered by Ethereum’s Paris Upgrade.

5 Tokens Reap the Benefits of Ethereum’s Leftover Hashrate

Ethereum, the second largest crypto asset in terms of market capitalization, now operates under a proof-of-stake (PoS) blockchain system. The Merge was triggered by the Paris Upgrade on September 15, at block height 15,537,391 at 2:42:42 a.m. ET. A few hours prior to The Merge, Ethereum’s hashrate plummeted significantly, and a great deal of hashrate was pointed at Ethereum Classic (ETC).

During the early morning hours (ET) on September 15, ETC’s hashrate was around 80.77 terahash per second (TH/s). Hours after The Merge on September 16, ETC’s hashrate increased by 228%, jumping to the current 228.62 TH/s. ETC was the main beneficiary in terms of getting the most hashrate from Ethereum’s forced transition from PoW to PoS. However, a handful of other tokens with similar hashing algorithms also saw a significant rise in computational power.

At the start of the day on September 15, Ravencoin’s (RVN) hashrate was around 10.15 TH/s but the following day it was up 64.23% at 16.67 TH/s. Ergo saw a significant hashrate jump as it started off at 56.39 TH/s on Wednesday and by Thursday morning (ET) it’s 123.94% higher at 126.28 TH/s.

A Significant Quantity of Hashrate Is Still Missing — Hashpower Is Seemingly Waiting for the New Fork

In addition to ETC, ERGO, and RVN, the crypto network FLUX and BEAM saw increases in hashrate as well, but a much smaller percentage compared to ETC’s and ERGO’s climb. FLUX hashrate jumped 40% higher and BEAM saw its computational power spike by 74.25%. While a great deal of hashrate has been dedicated to the five aforementioned tokens, Ethereum’s entire hashrate did not transfer to ETC, ERGO, BEAM, FLUX, or RVN. Seemingly a great deal of hashrate either simply shut off or the miners are waiting for the new Ethereum proof-of-work network ETHW.

Here is a list of mining…