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Have you noticed that the Ethereum Classic hash rate has been steadily rising lately? A few years ago, when Ethereum was undergoing the Merge upgrade, something really interesting happened. Miners flocked in large numbers to Ethereum Classic.
At the time, Ethereum miners were looking for ways to continue their mining operations because of the Merge transition from PoW to PoS. The Ethereum Classic hash rate hit an all-time high, reaching an average of 43.8 terahashes per second (TH/s), according to 2Miners data. For users of ASIC miners, Ethereum Classic was the best alternative in terms of profitability.
Vitalik also publicly said, “If you prefer PoW, you should consider moving to ETC,” and JP Morgan analyzed that for ASIC miners there were hardly any options other than ETC. Even Ethermine, the largest mining pool at the time, stopped operations after the Merge and recommended that users move to other mining pools such as Ethereum Classic, Ravencoin, Ergo, or Beam. That’s why the Ethereum Classic hash rate kept increasing. It was a pretty big shift from the perspective of the mining community.