Ethereum Classic’s hashrate reached an all-time high, should you buy ETC?

Ethereum Classic (ETC/USD) is essentially an open-source, decentralized, and blockchain-based distributed cryptocurrency and network that has support for smart contract functionality.

Ethereum Classic was formed in 2016 as a result of the Ethereum community’s disagreement regarding a change with the developers surrounding its immutability, where the entire network was affected.

The original blockchain was split into two networks, Ethereum Classic (ETC) and Ethereum (ETH/USD), making Ethereum Classic a hard fork of Ethereum. 

ETC is the native cryptocurrency of the network that fills the role of maintaining and operating it.

The main way through which ETC stands out is because it will not switch to Proof-of-Stake (PoS), becoming appealing for miners who are looking for an alternative network where they can mine cryptocurrencies.

The all-time high hashrate as a catalyst for growth

On August 21, 2022, at 02:00:00 GMT, the hashrate of the Ethereum Classic (ETC) network reached 38.1787 TH/s, based on data from CoinWarz.

On August 17, 2022, the hashrate was at 27.0201 TH/s, which gives us an indication that the Ethereum Classic hashrate has increased by 41.3% in the span of 4 days.

Source: CoinWarz

This level of growth signifies that miners are looking for alternatives to Ethereum (ETH), as that blockchain specifically will make a move to a Proof-of-Stake (PoS) consensus mechanism, after which miners will need to mine other cryptocurrencies that are still sticking to Proof-of-Work (PoW).

Should you buy Ethereum Classic (ETC)?

On August 22, 2022, Ethereum Classic (ETC) had a value of $31.53.

To get a better perspective as to what kind of value point this represents for the ETC cryptocurrency, we will be taking a look at its performance in July, as well as its all-time high point of value.

Taking a look at its all-time high point of value, Ethereum Classic (ETC) reached a value of $167.09 on May 6, 2021.

When we go over its performance throughout the previous month, Ethereum Classic (ETC) had its lowest point of value on July 13 at $13.55.

Its highest point of value was on July 29, when it reached a value of $44.1. Here we can see that it increased in value by $30.55 or by 225%.

With this in mind, investors might be interested in buying ETC based on its historical growth, as we can expect it to reach $35 by the end of August 2022.