Crypto miners have started switching to Ethereum Classic (ETC) as Ethereum (ETH) successfully transitioned to Proof-of-Stake (PoS). In the last 24 hours, the price of Ethereum Classic (ETC) has jumped over 10% and the hash rate has soared above 290 TH/s.
This huge increase in hash rate is the result of zero ETC mining fees offered by several mining pools including F2Pool, Binance Pool and BTC.com.
Ethereum (ETH) has transitioned from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) consensus algorithm without any issues on September 15. The end of PoW prompted crypto miners to switch to other PoW alternatives such as Ethereum Classic.
As a result, Ethereum Classic's hash rate has jumped 400%, according to mining group 2Miners. In the last 24 hours, the hash rate has jumped from 58 TH/s to 290 TH/s. The massive surge is due to ETC mining offering zero fees.
Recently, several mining pools including F2Pool, Binance Pool and BTC.com announced support for ETC mining after the 'Merge'. F2Pool and Binance Pool offer free ETC mining for one month, while BTC.com offers “zero fee” ETC mining for 3 months.
Meanwhile, the price of ETC continues to rise higher as ETH becomes deflated with the 'Merge'. ETC price has surged almost 10% in the last 24 hours trading at $37.70. Moreover, the trading volume has reached over 100% and the market cap has reached $5.25 billion.
