Bi-Weekly Recap: The Merge Succeeds
The Ethereum Merge has succeeded without a hitch, making this week less eventful (thankfully) than it could’ve been. Here are some of the highlights after the biggest software upgrade in the history of crypto.
Ethereum Classic Hashrate Skyrockets Post-Merge - ETHW Hashrate Craters After Initial Runup
In an attempt to squeeze out extra profits from GPU mining rigs, miners and speculators migrated hashrate en masse to Ethereum Classic. The peak hashrate of ETC at almost 315 TH/s (Terrahashes per second) is close to half of Ethereum’s pre-Merge hashrate. Considering the market cap of ETC is much less than half of Ethereum’s market cap, it is not likely to be profitable for miners to continue mining ETC at this level of network hashrate.
In contrast, the ETHW Proof-of-Work fork hasn’t been able to sustain high levels of hashrate post-Merge. It isn’t likely to recover. Without any catalysts for economic migration to ETHW, the chain won’t be able to support a valuation that would make mining ETHW worthwhile.
