Bitcoin
$66,736.09+0.54%
Ethereum
$3,239.19+1.27%
Binance Coin
$607.13+1.51%
Solana
$158.68+2.61%
XRP
$0.54850938+1.17%
Dogecoin
$0.16202278+1.55%
Toncoin
$5.73-5.58%
Cardano
$0.50724203-2.10%
Shiba Inu
$0.00002748+2.35%
Avalanche
$39.09-0.50%
Wrapped Bitcoin
$66,818.46+0.51%
Bitcoin Cash
$510.93+0.04%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
35
DAYS
19
HR
35
MIN
34
SEC
Technology

Ethereum Classic and Ravencoin's Hashrate Nearly Doubles After Merge

Earlier on Thursday, Ethereum switched to a system that does away with the need for miners.

By Eliza Gkritsi
AccessTimeIconSep 15, 2022 at 1:37 p.m. UTC
Updated May 11, 2023 at 4:36 p.m. UTC
(Dall-E/CoinDesk)
(Dall-E/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Computing power on the Ethereum Classic and Ravencoin blockchain networks, or hashrate, nearly doubled a few hours after mining was rendered obsolete on the Ethereum network that underpins ether (ETH), the world's second-largest cryptocurrency by market cap.

Earlier on Thursday, the Ethereum network switched from a proof-of-work (PoW) consensus algorithm to proof-of-stake (PoS). This move, known as the Merge, was planned years in advance but faced many delays.

Ergo also more than doubled, from 22.42 terahash/second (TH/s) around 6 a.m. UTC on Thursday, to almost 70 TH/s at around 2 p.m. UTC, according to mining pool 2Miners.com.

VolumeMuteUnmute

The Merge put an end to the need of miners to keep up the network using thousands of computers. Miners who had invested in hardware to mine ether are now likely looking for other uses for their hardware, and PoW tokens like Ethereum Classic's ETC and Ravencoin's RVN are among the available options.

CoinDesk Special Coverage: The Ethereum Merge

Ethereum Classic was formed after the DAO hack in 2016, which prompted a hard network fork that split the Ethereum blockchain into two. The original chain continued as Ethereum Classic, while the new one was called Ethereum.

The hashrate on Ethereum Classic, which continues with proof-of-work, grew from 70.5 terahash/second (TH/s) at 6 a.m. UTC on Thursday, before the Merge was finalized, to 158.3 TH/s at 1 p.m. on the same day, data from CoinWarz shows. On Ravencoin, the hashrate grew from 8.9 Th/s to 15.9 TH/s in the same time period.

Beam (BEAM) has almost tripled in the past 24 hours. Other PoW tokens that already have a sizable mining community including monero (XMR), litecoin (LTC) and zcash (ZEC) don't show any identifiable trends in the run up or after the Merge.

Read more: Ether, Ethereum Classic See Volatile Trading Amid Successful Ethereum Merge

UPDATE (Sept. 15, 13:40 UTC): Adds additional background in fourth paragraph.

UPDATE (Sept. 15, 15:40 UTC): Adds details about Ergo in third paragraph.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.