The Ethereum Classic (ETC) hashrate has reached a record high of 46 TH/s prior to the activation of The Merge update, Coin Metrics has reported.
The hashrate of Ethereum, the second largest crypto in the market by market capitalization, is up to 910 TH/s, which is 19 times higher than that of the altcoin.
The mining revenue per hashrate (hash price) of Ethereum is reportedly still significantly higher at 95%, which means that mining Ethereum is much more profitable than mining Ethereum Classic.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Such a significant difference in mining profitability is largely due to price dynamics. Over the past seven days, the price of Ethereum has grown by 9.3%, while for Ethereum Classic, it has increased by only 3.5%.
The increase in the Ethereum Classic hashrate is associated with Ethereum miners switching to mining a "related" cryptocurrency in anticipation of The Merge update.