Ethereum Classic, the original blockchain from which Ethereum was forked, saw its native token ETC surge 24.7% in the last 24 hours to $40.03 (roughly Rs. 3,200). The network's hash rate hit 48.89 terahashes per second (TH/s) on Monday, the highest level on record before falling slightly through Tuesday.


The rising hash rate is attributed to the September 15 launch of Ethereum 'Merge' Hash rate is the computing power used to mine blocks and process transactions on a proof-of-work network.


Hash rate measures the miner's computer's speed in completing complex calculations. Hash rate is the number of times per second network computers "hash data" to mine blocks and verify crypto transactions.


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Miners who are invested in the proof-of-work (PoW) consensus model appear to be mining Ethereum Classic, which uses PoW.


BTC.com, one of the largest cryptocurrency mining companies in the industry, announced it will start supporting Ethereum Classic mining due to Ethereum transitioning from proof-of-work to a proof-of-stake network.


The company launched its Ethereum Classic mining pool last week with a three-month introductory fee of zero. During this time, ETC pool miners won't pay mining fees.