- Mining activity on ETC reaches another all-time high.
- The mining hash rate hits an ATH of 42.28.
- This is reportedly due to the upcoming Ethereum merge.
In the context of the Ethereum Proof of Stake (PoS) merge, Ethereum Classic (ETC) holders are carefully watching out for mining activities on ETC. The increased mining activity made the hash rate of ETC hit an all-time high of 42.5 range on Thursday. Crypto data analysis platform Messari showed that this ATH hash rate zone is a sudden hike from 29.5 terahashes the coin had on August 14.
Hash rate is a computational metric depicting the number of calculations per second.
Source: Messari
Significantly, the surge in mining activity could reportedly reduce 51% of attacks on ETC blockchain, which happened for the network in 2016.
Looking at the price of Ethereum, currently, the coin hovers at $1,663, with a 12.6% down in the past 24 hours. In the past seven days, ETH was trading low by over 4%. Also, as shown in the 4-hour chart, ETH went down below the 200 EMA line, contrary to the past day, when it hit the moving average.
With that said, there is more selling pressure for ETH, as many traders are in the process of selling the coin. However, crypto experts predict that the price of ETH may increase following the PoS merge.
Meanwhile, the price of ETC is on an uptrend since August 21 and currently trades at $37. If the coin trades higher, it would reach $45, which is the price it had on August 13.
Ethereum Classic is the original blockchain and the hard fork formed from Ethereum after the DAO got hacked in May 2016.
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