Share this article
Ethereum Classic and Ravencoin's Hashrate Nearly Doubles After Merge
Earlier on Thursday, Ethereum switched to a system that does away with the need for miners.
Updated May 11, 2023, 4:36 p.m. Published Sep 15, 2022, 1:37 p.m.
Computing power on the Ethereum Classic and Ravencoin blockchain networks, or hashrate, nearly doubled a few hours after mining was rendered obsolete on the Ethereum network that underpins ether , the world's second-largest cryptocurrency by market cap.
Earlier on Thursday, the Ethereum network switched from a proof-of-work (PoW) consensus algorithm to proof-of-stake (PoS). This move, known as the Merge, was planned years in advance but faced many delays.
STORY CONTINUES BELOW
Ergo also more than doubled, from 22.42 terahash/second (TH/s) around 6 a.m. UTC on Thursday, to almost 70 TH/s at around 2 p.m. UTC, according to mining pool 2Miners.com.
The Merge put an end to the need of miners to keep up the network using thousands of computers. Miners who had invested in hardware to mine ether are now likely looking for other uses for their hardware, and PoW tokens like Ethereum Classic's ETC and Ravencoin's RVN are among the available options.
CoinDesk Special Coverage: The Ethereum Merge
Ethereum Classic was formed after the DAO hack in 2016, which prompted a hard network fork that split the Ethereum blockchain into two. The original chain continued as Ethereum Classic, while the new one was called Ethereum.
The hashrate on Ethereum Classic, which continues with proof-of-work, grew from 70.5 terahash/second (TH/s) at 6 a.m. UTC on Thursday, before the Merge was finalized, to 158.3 TH/s at 1 p.m. on the same day, data from CoinWarz shows. On Ravencoin, the hashrate grew from 8.9 Th/s to 15.9 TH/s in the same time period.
Beam (BEAM) has almost tripled in the past 24 hours. Other PoW tokens that already have a sizable mining community including monero , litecoin (LTC) and zcash don't show any identifiable trends in the run up or after the Merge.
Read more: Ether, Ethereum Classic See Volatile Trading Amid Successful Ethereum Merge
UPDATE (Sept. 15, 13:40 UTC): Adds additional background in fourth paragraph.
UPDATE (Sept. 15, 15:40 UTC): Adds details about Ergo in third paragraph.
Plus pour vous
Ce qu'il:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Plus pour vous
Solana’s Drift Launches v3, With 10x Faster Trades
With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
Ce qu'il:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
Top Stories
