Ethereum Classic’s hashrate rises parabolically, beating its all-time high – BeInCrypto

Since the Ethereum hardfork that brought Ethereum Classic to life in 2015, there has not been such a high hashrate. This rise has been very sudden reaching increase 170% in just one month, currently the ETC hashrate is at 21.19T, its current all-time high. What does this mean and why is this happening?

Apart from the ETC hashrate has risen 170% in 30 days, it should be noted that in the last 24 hours it has risen by 9.95%. The price of Ethereum Classic has also risen from $ 4.5 to $ 12.14, at the time of writing. According to BitinfoCharts, the ETC hashrate is at an all time high since its inception.

In addition to the price and its hashrate seeing a tandem rise, the number of subscribers from the Reddit community on ETC subreddit r / EthereumClassic it is increasing due to this rebound.

If we put together that the hashrate, price and its community have risen together we could say that confidence in this project seems to have resurfaced.

Why is Ethereum Classic rising?

Here we will roughly review some of the reasons why Ethereum Classic is booming.

$ 1 million ETC Labs donation to UNICEF

As BeInCrypto reported, Ethereum Classic Labs recently donated a whopping $ 1 million to the United Nations Children’s Fund (UNICEF).

These funds will be used in blockchain projects that will be managed by UNICEF and Ethereum Classic that will work together on various projects.

Financing for two more years

Elite digital currency investment firm Grayscale Investments has committed to finance the project and development of Ethereum Classic for the next two years.

This funding would be done through a non-profit ETC cooperative.

Hardfork Agartha de Ethereum Classic

Many people label Ethereum Classic a dead project. However, there is palpable activity with constant updates, as in September the hard fork the Atlantis.

At the beginning of the month, the Agartha hardfork has been successfully implemented. This update is very important as it makes it ETC to be more interoperable with the Ethereum (ETH) blockchain. This realignment includes the recent Ethereum Constantinople and Saint Petersburg upgrades, entered through the Ethereum Classic Upgrade Proposal (ECIP).

Ethereum Classic se sumará a DeFi

DeFi is the dominant sector of 2019 and 2020 in the crypto sector, with a parabolic growth of 130% in one year, as reported by BeInCrypto. Another data that supports the success of DeFi, would be the new record of 852 million dollars blocked for the operation of this sector.

Almost all DeFi platforms use the Ethereum blockchain. Thanks to the ETC Atlantis hardfork and its compatibility with Ethereum, ETC will be able to benefit and attract potential new platforms that want to use its blockchain for DeFi. Bob Summerwill, Executive Director of the ETC Cooperative commented this year:

DeFi projects could target ETC very easily. I hope to be talking to many DeFi projects in the coming months.

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Ethereum Classic’s hashrate rises parabolically, beating its all-time high – BeInCrypto

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