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

• ETC is at its lowest hashrate because the merge befell.
• ETC’s value has additionally declined by greater than half since then.

As miners bear attempting occasions on main Layer 1 blockchains, Ethereum Traditional’s [ETC] hashrate clinched its lowest stage because the merge, data from CoinWarz revealed. 

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

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

Greater than sufficient hassle for ETC

An extra 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 lots of them emigrate to Ethereum Traditional and the newly forked community Ethereum Proof-of-work (ETHPOW).

Per knowledge 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, nonetheless, ephemeral because it launched into a decline afterward.

Supply: CoinWarz

With a decline in hashrate, miner income per hash dropped as nicely, knowledge 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% because the merge befell. 

Supply: Messari

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

With 22,984 addresses energetic 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 value because the altcoin’s worth dropped by greater than half because the merge befell. On the time of writing, ETC traded at $16.05. For context, on the day of the merge, it exchanged fingers at $38.6.

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

Supply: Santiment