4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH
20 days ago, a poll was shared on Twitter asking miners where they planned to dedicate their hashrate, after The Merge transitions Ethereum into a proof-of-stake (PoS) blockchain. The proof-of-work (PoW) contenders at the time were tokens like ravencoin, ergo, flux, and ethereum classic. When the poll concluded, flux and ravencoin outpaced the pack in votes, but reality shows ethereum classic has been the main beneficiary of hashrate so far.
Twitter Poll With More Than 10,000 Votes Chooses Flux, While Ethereum Classic Ends up Reaping the Benefits Stemming From The Merge
Ethereum Classic (ETC) is gathering most of the hashrate leaving Ethereum (ETH) as there are only four days left until The Merge. According to metrics recorded by 2miners.com, ETC’s hashrate reached an all-time high on September 8, 2022, tapping 53.29 terahash per second (TH/s).
Ethereum’s hashrate has dropped below the 900 TH/s region and at the time of writing, the network hashrate is 883.78 TH/s. On August 20, 2022, the Twitter account Cryptovium published a poll that asks miners where they will dedicate their hashpower when The Merge is implemented.
“With the imminent PoS ETH Merge, I’m curious what all the miners out there are planning on moving their rigs to,” Cryptovium said. “Top PoW contenders seem to be RVN, FLUX, ERG, [and] ETC. Are you going with one of these or choosing something else?”
The final results of Cryptovium’s poll got 10,347 votes and flux (FLUX) received the most votes with 45.7%. The second most popular token with poll participants was ravencoin (RVN) with 27.3% of the votes, and ergo (ERGO) captured 22.1% of the poll’s votes.
Ethereum classic (ETC) saw the lowest number of votes, as it recorded 4.9% of the 10,347 votes. Despite ETC being dead last on the social media survey, ETC has managed to become the main beneficiary of the hashrate leaving Ethereum.
ETC’s hashrate continues to break lifetime records and has done so at least five times during the last two weeks. RVN, FLUX, and ERG have seen small spikes in hashrate but nothing compared to what ETC has recorded during the last 30 days.
Ergo’s hashrate jumped 99.14% from 14.04 TH/s on September 2, to 27.96 TH/s on September 4. Since then, however, Ergo’s hashrate dropped 18.77% down to 22.71 TH/s. On September 5, Ravencoin’s hashrate was coasting along at 2.42 TH/s and since then it has 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 3, Flux’s hashrate was 1.98 MS/s and it jumped 55.55% higher to 3.08 MS/s during the last six days.
Although, Flux’s hashrate has slipped back down to the 2.28 MS/s range. While Flux was the winner of the social media poll published on Twitter, it was the loser in reality when it came to acquiring hashrate leaving the ETH network.
Price-wise, FLUX has risen 33.1% during the last seven days, ERGO is up 48.1% this week, and RVN has jumped 54% against the U.S. dollar during the last seven days. In terms of the past week’s gains, ETC saw the lowest rise against the dollar as the token has risen 19% during the past week.
What do you think about the alternatives miners can choose to mine after The Merge goes into effect next week? Let us know what you think about this subject in the comments section below.