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ETC hashrate and value slump after Ethereum’s PoW to PoS shift

Winnie Kimeu

Writer, News

Feb 1, 2023 at 12:32


As Ethereum was making the grand leap from proof-of-work (PoW) to proof-of-stake (PoS), Ethereum Classic (ETC) witnessed a surge in its hashrate. Just three days after the much-anticipated transition, ETC was boasting 214.37 terahashes per second of processing power. Sadly, the glory was short-lived, as the network saw a staggering 44.33% dip in its hashrate over the course of 134 days.

PoW vs. PoS results

ETC was once the star of the show with Ethereum’s (ETH) proof-of-work (PoW) network. However, as ETH made the switch to proof-of-stake (PoS), ETC found itself in the limelight.

Ethereum's big switch from PoW to PoS
Ethereum’s big switch from PoW to PoS

The ETC network has since been doing well, boasting an impressive 399% increase in hashrate over the past 12 months, reaching a total of 119.32 terahashes per second (TH/s). Moreover, 134 days ago, ETC was soaring with over 44% more computational power at its fingertips.

ETC Hasharate Feb 01, 2023. Source:
ETC Hashrate, February 1, 2023. Source:

On September 15, 2022, ETC was worth $35.81 per coin, having reached $39 per unit just a day prior. But, like a wet campfire, ETC’s value has since cooled off.

ETC Mining/Miners
ETC Mining/Miners

Although it’s currently trading at 35.82% lower, at a price of $22.98 per unit, ETC still made a formidable showing on September 18, 2022, with 214.37 terahashes per second (TH/s). Source,

Top miners on Ethereum Classic (ETC)

  • Top is F2pool, with a commanding 26.91 terahashes per second (TH/s) of the overall 119.32 TH/s, holding a substantial 22.55% of the Ethereum Classic network’s hashrate.
  • Secondly is, with 16.48 TH/s, accounting for a respectable 13.81% of ETC’s computational power. 
  • Rounding out the top ten mining pools for ETC are,,,, Poolin,,, and Antpool, collectively contributing 95.11 TH/s to the network.

ETC DeFi results

On September 15, 2022, Ethereum Classic (ETC) was all the buzz in the DeFi world with an impressive $873,161 in total value locked (TVL).

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Fast forward to today, and the story is different. The TVL in ETC’s DeFi protocols has taken a 56.84% dip, now sitting at $376,803.

DeFi Results
DeFi Results

At present, Hebeswap leads the Ethereum Classic decentralized finance (DeFi) scene with its 58.74% share of the total value locked (TVL), which stands at $221,335. Furthermore, in the last week, Hebeswap also experienced the steepest decline in TVL, dropping by 6.87%.

ETC price Feb 01, 2023. Source: CoinMarketCap
ETC price on February 1, 2023. Source: CoinMarketCap

ETC’s price on February 1, 2023, is $21.29 USD, down 0.63% in the last 24 hours.

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