Ethereum Classic Mining Activity Breaks Past The All-Time High

The Ethereum Classic mining activity has just broken past the previous records of the all-time high after it saw a marked uptick on the market. The hashrate surpassed all expectations as we are reading further in the latest Ethereum classic news.

The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before. The development was intriguing for most people with the fact that the ETC was rumored to have suffered a 51% attack in January. The claims of such an attack eventually turned out to be fake but Ethereum classic mining activity increased dramatically.

As per the official Twitter profile for Ethereum Classic (ETC) and their recent reports, the network’s hashrate has now reached an all-time high. The previous all-time high for the mining activity of the cryptocurrency happened in September 2018 during the harsh and bearish crypto-winter. Despite dropping dramatically and staying stagnant for most of the previous year (2019), the New Year brought a fresh mining activity for Ethereum Classic. The end result was extremely explosive for January and the entire ETC network with its hashrate close to doubling in size the same month.

The increase in the crypto’s hashrate has corresponded with a very significant price increase. Currently, the price sits at a point of around $12 and it was trading for just $4.50 at the start of January. It seems that the hashrate and the price for Ethereum Classic are increasing at the same time to one another for the same time being. The cryptocurrency was also added to the Binance’s platform of the futures market and this only added more bullish momentum to the smart contract platform. It is still unclear whether the current hashrate and price will stop increasing before the next uptick. $12 price level could become a new resistance-turned support if the cryptocurrency manages to maintain these levels.