The ETC hash rate reaches an all-time high, reducing the likelihood of a “51% assault.”
The dramatic increase in activity may indicate a change in crypto miners’ priorities. It might also mitigate the dangers of a so-called “51% assault” against ETC, which have previously been levelled at the blockchain.
On Thursday, the Ethereum Classic network reached a new record high in its hash rate, a measurement of the processing power per second employed in the cryptocurrency mining process. The ETC hash rate was 42 terahashes, or 42 trillion hashes per second, according to statistics from crypto market intelligence company Messari.
The previous peak was 28.32 terahashes in May of 2017, which coincided with ETC’s all-time price high of $118.
The fact that Ethereum miners will be left with costly gear developed for proof-of-work blockchains that is worthless under the new proof-of-stake system is a probable cause of the increased activity. Others may repurpose their hardware to mine Ethereum Classic or another proof-of-work cryptocurrency, while still others may seek to mine a hard fork of Ethereum to preserve their income.
Many cryptocurrency experts worry that Ethereum Classic is susceptible to a 51% assault, in which a single individual or group takes control of a blockchain by processing the bulk of transaction validations, since it is not among the top cryptocurrencies, hovering around 19th by market value, according to CoinGecko. ETC has already been the subject of similar attacks in January 2019 and August 2020.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.