Just prior to the Ethereum network’s transition from a PoW to a PoS network, Ethereum Classic’s hashrate sharply surged. 214.37 terahashes per second (TH/s) were being generated by Ethereum Classic three days following The Merge. The network’s hashrate has now sharply decreased, however, as 44.33% of it was lost over the previous 134 days.
ETC was the focus of attention prior to Ethereum’s significant development, but it has subsequently lost its PoW dance partner. The ETC network’s hashrate has increased after Ethereum switched from PoW to PoS. ETC had a hashrate of 23.87 TH/s on January 17, 2022. On January 31, 2023, more than a year later, Ethereum Classic had grown by 399%, reaching a hashrate of 119.32 TH/s. However, compared to 134 days prior, ETC’s computational power increased by more than 44%.
On September 15, 2022, when Ethereum switched from PoW to PoS, both the price and hashrate significantly increased. After reaching $39 the day before, the value of one Ethereum Classic currency was at $35.81 on that day. The price of Ethereum Classic was soaring at the moment, but it has now died out like a damp campfire. ETC is now selling for $22.98 per unit as of January 30, 2023, down 35.62% from its post-transition value. On September 18, 2022, 214.37 TH/s were allotted to the Ethereum Classic network, according to information from archive.org.
F2pool, which contributes 22.55% of the network’s hashrate with 26.91 TH/s of its total 119.32 TH/s, is now the biggest Ethereum Classic mining pool. Following closely behind with 16.48 TH/s, or 13.81% of ETC’s hashrate, is Ethermine.org. The combined hashrate of the top ten ETC mining pools is around 95.11 TH/s.
On September 15, 2022, Ethereum Classic had about $873,161 in TVL in DeFi protocols. At this time, the TVL for the ETC DeFi protocols has fallen to $376,803. Hebeswap, a dex platform, currently holds a dominant position with 58.74% of the TVL, or $221,335. Hebeswap, however, also had the worst seven-day TVL decline (-6.87%) of any dex over the previous week.
Also read: Crypto Is Likely To Survive Its 1st Ice Age
Hashrate for Litecoin Hits All-Time High
Since December 28, 2022, when the blockchain’s computational power was at its lowest point of 576 TH/s, to January 25, 2023, when it reached its highest point ever of 798 TH/s, the LTC network has seen a significant increase in hashrate. As of Jan. 31, 2023, Litecoin’s hashrate is approximately 691 TH/s, which is 20% more than it was the previous month. Litecoin’s price has also been rising as LTC’s worth has risen 34% over the last 30 days when compared to the US dollar.
The hashrate that has ever been recorded is 798 TH/s, or one petahash per second (PH/s), or 0.798 PH/s. Viabtc is the top Litecoin mining pool, accounting for 27% of all hashrate at 192 TH/s. Through auxiliary PoW, the top five Litecoin mining pools take part in the dogecoin (DOGE) merge mining process.
Given that its network predates protocols like BCH, BSV, and BTC, Litecoin will be the first of a select few PoW cryptocurrencies to have its mining reward cut in half. The LTC network is expected to reduce its payout from 12.5 LTC to 6.25 LTC on or around August 3, 2023. The difficulty of LTC increased to 23.50 million on January 26. Over the past three days, it has increased by 3.28%. Litecoin’s difficulty is adjusted every 2,016 blocks, the same as Bitcoin, yet LTC blocks are found at a pace of around 2.5 minutes each block.
This indicates that Litecoin’s complexity adjustment retargets every three days in order to keep the block time consistent. The complexity grew by 14.80% in the previous month and by 32.41% over the previous 90 days.