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Assessing the state of ETC as its hashrate touches lowest level since the merge

Assessing the state of ETC as its hashrate touches lowest level since the merge
  • ETC is at its lowest hashrate for the reason that merge befell.
  • ETC’s worth has additionally declined by greater than half since then.

As miners bear making an attempt occasions on main Layer 1 blockchains, Ethereum Traditional’s [ETC] hashrate clinched its lowest stage for the reason that merge, data from CoinWarz revealed. 

At a hash price of 99.82 TH/s at press time, ETC’s hash price has since declined by 50% for the reason that Ethereum community transitioned right into a proof-of-stake community on 15 September.

Learn Ethereum Traditional’s [ETC] worth prediction 2023-2024

Greater than sufficient hassle for ETC

An additional evaluation of ETC’s on-chain efficiency revealed that the community struggled with inactivity since Ethereum’s transfer to PoS. This migration ended the requirement for miners on the Ethereum community, which led a lot of them emigrate to Ethereum Traditional and the newly forked community Ethereum Proof-of-work (ETHPOW).

Per information from CoinWarz, as migration intensified after the merge, ETC’s hashrate rallied to an all-time excessive of 199 TH/s by 16 September. The surge in hashrate was, nevertheless, ephemeral because it launched into a decline afterward.

Supply: CoinWarz

With a decline in hashrate, miner income per hash dropped as nicely, information from Messari confirmed. This refers back to the reward paid to miners per hash unit carried out inside a specified interval.

At $0.03 at press time, this fell by 80% for the reason that merge befell. 

Supply: Messari

Along with a drop in hash energy on ETC community, the depend of lively addresses on the chain additionally adopted the identical path. Per Messari, shortly after the merge, the depend of lively addresses on ETC peaked at a each day excessive of 41,855 addresses on 22 September.

With 22,984 addresses lively on the community at press time, this determine fell to 45% within the final three months. 

Supply: Messari

Moreover, as of this writing, 5 decentralized finance protocols had been housed on Ethereum Traditional with a complete worth locked (TVL) of $295,000. Within the final three months, the TVL on the community has fallen by over 65%.

     How a lot ETC are you able to get for $1?

ETC holders bear the brunt

On-chain decline on Ethereum Traditional negatively impacted ETC’s worth because the altcoin’s worth dropped by greater than half for the reason that merge befell. On the time of writing, ETC traded at $16.05. For context, on the day of the merge, it exchanged palms at $38.6.

The value decline might be coupled with a extreme decimation in each day buying and selling quantity, which additionally fell by 96%. At press time, each day quantity traded stood at $72 million, the bottom in six months.

Supply: Santiment

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