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

Summary:

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.

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.

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.

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, Archive.org.

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 Ethermine.org, 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 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, 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).

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.

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