The most-anticipated event in the cryptocurrency industry this year took place earlier today, confirming Ethereum’s transition from PoW to PoS.
While the effects for the second-largest blockchain will be unveiled gradually in time, Ethereum Classic seems to be benefiting the most for now.
earlier today when the Ethereum mainnet finally merged with the PoS Beacon Chain, solidifying the network’s transition to proof-of-stake.
Although this was a highly-anticipated and talked-about event, it will take time until the community sees its effects in terms of scaling, security, and decentralization.
The immediate impact, though, belongs to Ethereum Classic. As former Ethereum miners are no longer able to operate on the blockchain, they seem to be migrating to the PoW fork version.
This is evident from the surging ETC hash rate. The metric skyrocketed by over 80% in a matter of 24 hours and tapped an all-time high of over 111 Thash/s.
The native cryptocurrency, on the other hand, went through quite a volatile trading day. In the hours ahead of the Merge, ETC stood close to $40, touched that level, and then dumped to $35.
It went on the offensive again, retapping $40, and now stands inches away from that level. ETH has been more stable, predominantly trading around $1,600.