Ethereum Classic's capacity collapsed by 50% in three months
Ethereum Classic was the key beneficiary of the Ethereum blockchain's transition to the Proof-of-Stake (PoS) algorithm as part of the September update to The Merge software.
Many miners were prompted by this event to pull the plug on ETH. They chose Ethereum Classic, a consensus Proof-of-Work (PoW) blockchain.
Thanks to the migration of ETH miners, ETC's hashrate updated its record in the early fall. On September 16, 2022, the network's capacity rose to 199,481 Th/s (according to CoinWarz). But then the ETC hash rate went down. Over the past three months, the network's capacity shrank by about 50%, and on December 26, the hash rate sank to 104.577 Th/s.
In addition to Ethereum Classic, runaway miners also connected to the Ravecoin network, pushing its hashrate to a high of 17.59 Th/s. Litecoin and Dogecoin, both operating on the PoW consensus, also showed capacity growth. This was followed by a decline.