Ethereum Classic Records 12% Rally as Mining Support for ETC Accelerates

ETC price secures double-digit gain as its hashrate hits all-time high and BTC.com adds Ethereum Classic mining option to its services.

Altcoin Watch

The price of Ethereum Classic (ETC) rose on September 5 following consecutive positive reports regarding its adoption by crypto miners.

Top mining pool supports Ethereum Classic

On the daily chart, the price of ETC jumped 14.5% to almost $37.25 per token. Its massive gains came days after BTC.com, a blockchain explorer and crypto mining pool, launched a specialized Ethereum Classic pool with "no-fee" mining for three months.

ETC/USD daily price chart. Source: TradingView

The announcement appeared after "the merge", a long-awaited network update that would upgrade Ethereum's energy-intensive proof-of-work (PoW) protocol to a "cost-effective" and scalable proof-of-stake (PoS) on or before September 19.

But the move to PoS will make Ethereum's PoW miners unnecessary. On the other hand, Ethereum Classic, the original version of Ethereum, which still uses PoW, could become a haven for miners affected by the merger.

The network is already attracting PoW miners in droves, confirmed by its hashrate, which hit a record high of 41.81 Terrahash per second (TH/s) on September 4. For the uninitiated, hashrate is the total computing power used to mine and process transactions on a PoW blockchain.