Twenty days ago, a poll was shared on Twitter asking where miners plan to allocate hashrate after The Merge transitions Ethereum to a Proof of Stake (PoS) blockchain. Proof of work (PoW) candidates at the time were tokens such as ravencoin, ergo, flux and ethereum classic. When the poll ended, Flux and Ravencoin led the pack with the most votes, but reality shows that Ethereum Classic has been the main beneficiary of hashrate so far.
Over 10,000 Twitter polls chose Flux, but Ethereum Classic would benefit from the merge
Ethereum Classic (ETC) is collecting most of the hashrate leaving Ethereum (ETH) as it is only four days away from merging. According to metrics recorded by 2miners.com, ETC’s hashrate hit an all-time high on Sept. 8, 2022, tapping 53.29 terahashes (TH/s) per second.
Ethereum has a hashrate below the 900 TH/s territory and at the time of writing the network has a hashrate of 883.78 TH/s. On August 20, 2022, his Cryptovium Twitter account published a poll asking miners where to put their hash power when The Merge is implemented.
“I’m curious to see what all the miners out there are planning to move their rigs to with the impending PoS ETH merge” Cryptovium Said“The top candidates for PoW are RVN, FLUX, ERG, [and] etc. Would you like to choose one of these or the other?”
The final result of Cryptovium’s poll was 10,347 votes, with flux (FLUX) receiving the most votes at 45.7%. His second most popular token among voting participants was ravencoin (RVN), which received 27.3% of the votes, and ergo (ERGO), which received 22.1% of the voting votes.
Ethereum Classic (ETC) had the lowest number of votes with 4.9% of the 10,347 votes. Despite being dead last in social media surveys, ETC has managed to become the main beneficiary of hashrate off Ethereum.
ETC hashrate continues to break lifetime records, breaking records at least five times in the past two weeks. RVN, FLUX, and ERG have seen small spikes in hashrate, but over the past 30 days he has nothing compared to what ETC recorded.
Ergo’s hashrate jumped 99.14% from 14.04 TH/s on September 2nd to 27.96 TH/s on September 4th. But since then, Ergo’s hashrate has dropped by 18.77% to his 22.71 TH/s. On September 5th, Ravencoin hashrate was on track at 2.42 TH/s and has since increased by 70.24% to 4.12 TH/s.
Flux uses a solution called sol and performance is measured in sol per second. On September 3rd, Flux had a hashrate of 1.98 MS/s, but has increased by 55.55% to 3.08 MS/s over the past six days.
However, Flux’s hashrate has dropped to the 2.28 MS/s range. Flux was the winner of the social media poll he published on Twitter, but was actually the loser when it came to leaving the ETH network to get the hashrate.
Price-wise, FLUX is up 33.1% over the past seven days, ERGO is up 48.1% this week, and RVN is up 54% against the US dollar over the past seven days. In terms of last week’s gains, ETC showed its lowest rally against the dollar as the token rose 19% last week.
What are your thoughts on the options miners have after The Merge takes effect next week? Let us know what you think about this in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons, 2miners.com, Twitter,
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Four Crypto Tokens Gain Hashpower From Merge, ETC Secures Most Of Hashrate Leaving ETH – Mining Bitcoin News
Source link Four Crypto Tokens Gain Hashpower From Merge, ETC Secures Most Of Hashrate Leaving ETH – Mining Bitcoin News