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ETC, RVN, ERGO Hashrate Soars Following The Merge, Large Quantity Of Hashpower Awaits ETHW Fork

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ETC, RVN, ERGO Hashrate Soars Following The Merge, Large Quantity Of Hashpower Awaits ETHW Fork

Ethereum has officially transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) system after seven years of operating as a PoW blockchain. The Merge has forced ethereum miners to transition to other PoW-based tokens and after the ruleset change was codified, a handful of PoW coins compatible with the Ethash algorithm saw their hashrates skyrocket. Ethereum Classic’s hashrate has tripled in size since The Merge was triggered by Ethereum’s Paris Upgrade.

5 Tokens Reap the Benefits of Ethereum’s Leftover Hashrate

Ethereum, the second largest crypto asset in terms of market capitalization, now operates under a proof-of-stake (PoS) blockchain system. The Merge was triggered by the Paris Upgrade on September 15, at block height 15,537,391 at 2:42:42 a.m. ET. A few hours prior to The Merge, Ethereum’s hashrate plummeted significantly, and a great deal of hashrate was pointed at Ethereum Classic (ETC).

ETC’s hashrate has tripled since The Merge.

During the early morning hours (ET) on September 15, ETC’s hashrate was around 80.77 terahash per second (TH/s). Hours after The Merge on September 16, ETC’s hashrate increased by 228%, jumping to the current 228.62 TH/s. ETC was the main beneficiary in terms of getting the most hashrate from Ethereum’s forced transition from PoW to PoS. However, a handful of other tokens with similar hashing algorithms also saw a significant rise in computational power.

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Ergo’s hashrate has jumped 123.94% higher since The Merge.

At the start of the day on September 15, Ravencoin’s (RVN) hashrate was around 10.15 TH/s but the following day it was up 64.23% at 16.67 TH/s. Ergo saw a significant hashrate jump as it started off at 56.39 TH/s on Wednesday and by Thursday morning (ET) it’s 123.94% higher at 126.28 TH/s.

A Significant Quantity of Hashrate Is Still Missing Hashpower Is Seemingly Waiting for the New Fork

In addition to ETC, ERGO, and RVN, the crypto network FLUX and BEAM saw increases in hashrate as well, but a much smaller percentage compared to ETC’s and ERGO’s climb. FLUX hashrate jumped 40% higher and BEAM saw its computational power spike by 74.25%. While a great deal of hashrate has been dedicated to the five aforementioned tokens, Ethereum’s entire hashrate did not transfer to ETC, ERGO, BEAM, FLUX, or RVN. Seemingly a great deal of hashrate either simply shut off or the miners are waiting for the new Ethereum proof-of-work network ETHW.

Here is a list of mining pools that are on the way, it will be updated as more pools are joining.
Just wanna say THANK YOU ALL!https://t.co/TwIB7VFlJd

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022

The team behind ETHW, who remain anonymous, explained two days ago that the blockchain network would launch 24 hours after The Merge. According to the official ETHW Twitter page, large mining pools such as Btc.com, Poolin, F2pool, 2miners, Antpool, Bitdog, and Solomine plan to dedicate hashrate to the ETHW chain.

“Nanopool is going to support EthPow Ethereum fork expected to be minable in 24 hours after the ETH Merge occurs,” the mining operation Nanopool wrote on Wednesday. No one is quite sure how much hashrate has held back to wait for the ETHW fork but quite a bit of ETH hashrate is still missing despite the spikes recorded by RVN, ETC, and ERGO.

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crypto mining, Ergo, ergo (ERGO), ETC, ETC hashrate, ETH, ETH fork, ETH hashrate, ETH PoW Fork, Ethash, ether, Ethereum, Ethereum (ETH), Ethereum Classic, ethereum classic (ETC), FLUX, Flux (FLUX), GPU mining, Hashpower, Hashrate, mining, MS/s, PoS, PoW, ravencoin (RVN), RVN, SOL, Terahash, TH/s

What do you think about the alternatives miners have chosen after The Merge? Do you think a large amount of hashrate awaits the new fork? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Uzbekistan Introduces Monthly Fees For Cryptocurrency Companies

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Uzbekistan Introduces Monthly Fees For Cryptocurrency Companies

Crypto firms in Uzbekistan will have to pay fees to the state under new legislation proposed by regulators. The charges vary depending on the business activity and can reach $11,000 a month in the case of digital asset exchanges. Failure to pay will result in license suspension.

Crypto Operators in Uzbekistan to Be Charged Fixed Fees for Their Business Activities

Authorities in Uzbekistan have adopted a law which obliges entities working with cryptocurrencies to make special contributions to the state budget. The legislation, put forward by the country’s main crypto regulatory body, has come into force after registration with the Ministry of Justice, as required.

According to the bill authored by the National Agency of Perspective Projects (NAPP) under the President of Uzbekistan, licensed crypto companies will have to pay the charges each month. Different rates have been set for the various categories of cryptocurrency operators.

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Crypto exchanges, for example, will be charged the highest tariff of 120 million Uzbekistani soum (almost $11,000) while cryptocurrency stores will pay around $540, the Russian crypto news outlet Bits.media detailed in a report.

The tariff for individual miners will be around $270 per month and mining pools will have to transfer to the government a little over $2,700, at current exchange rates. At the same time, custodial service providers will enjoy the lowest fee — $135.

“Failure to pay the fee within one month constitutes grounds for suspension of the license. If the company does not pay the fee for two months within a year, the license may be canceled,” according to one of the law’s provisions. The NAPP will deduct 20% of each payment and the rest will go to the government coffers.

This year, Uzbek authorities have been quite active in their efforts to regulate the country’s growing crypto economy. In the spring, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework for the Central Asian nation’s digital currency market. It provided legal definitions for crypto assets, exchange, and mining, and assigned oversight duties to the NAPP.

In June, the government in Tashkent presented a set of new registration rules for companies involved in the extraction of digital currencies and obliged miners to use renewable energy. Following a spike in activities of online platforms providing crypto services to Uzbekistanis without a local license, the NAPP took measures to block access to foreign crypto exchange sites in August.

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agency, bill, budget, Crypto, crypto exchanges, crypto miners, crypto mining, crypto stores, Cryptocurrencies, Cryptocurrency, Fees, Government, Law, Legislation, License, ministry, registration, Regulation, rules, tariffs, Uzbekistan, Uzbekistani

What’s your opinion about the new fees imposed by the government of Uzbekistan on crypto companies? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bill Aims To Limit Crypto Mining In Kazakhstan Only To Registered Companies

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Bill Aims To Limit Crypto Mining In Kazakhstan Only To Registered Companies

New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digital currency, if adopted. The draft has been designed to comprehensively regulate the industry and reduce what its sponsors label as uncontrolled consumption of electricity in the sector.

Lawmakers in Kazakhstan Submit Crypto Mining Law, Seek to Curb ‘Gray’ Mining

Members of the Mazhilis, the lower house of Kazakhstan’s parliament, have put forward a new bill introducing rules for the extraction of cryptocurrencies in the country. Under its provisions, only companies registered at the Astana International Financial Center (AIFC) or non-resident entities that have agreements with licensed data centers, will be permitted to mine digital coins.

Kazakhstan became a magnet for crypto miners following China’s crackdown on the industry and the influx of mining businesses has caused a growing power deficit. AIFC, the Central Asian nation’s financial hub, is in the focus of government efforts to place the country’s growing crypto sector under oversight. Earlier this year, exchanges registered there were allowed to open accounts with local banks.

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The current procedure for notifying authorities of mining activities is voluntary, the crypto news outlet Forklog noted in a report on the legislative attempt. The process is regulated by an order issued by the minister of digital development. Only a third of all mining companies operating in Kazakhstan have registered, Member of Parliament Ekaterina Smyshlyaeva revealed.

“The uncontrolled use of electricity by ‘gray’ miners poses a threat to the energy security of Kazakhstan,” the lawmaker insisted. Smyshlyaeva added that the current legislation does not regulate the mechanism for the sale of the mined cryptocurrency or the role of local financial service providers and the circulation of digital assets. “The procedure for their production and the establishment of property rights to them are regulated only at sub-legislative level,” she explained.

According to Kazakhstan’s State Revenue Committee, the contributions of crypto mining entities to the state budget reached $1.5 million in the first quarter of 2022. In July, President Kassym-Jomart Tokayev signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levies now depend on the amount and average price of electricity consumed for the minting of bitcoin and other cryptocurrencies.

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authorization, bill, coin minting, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, draft law, Electricity, Energy, Kazakhstan, Law, Legislation, Miners, mining, registration, Regulation

Do you expect the new law to reduce the number of entities authorized to mine cryptocurrencies in Kazakhstan? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia To Supply Electricity To Kazakhstan’s Cryptocurrency Miners

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Russia To Supply Electricity To Kazakhstan’s Cryptocurrency Miners

Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the Central Asian nation. New arrangements will allow Kazakhstan’s miners to buy electricity directly from the Russian power generation and distribution giant Inter RAO.

Miners in Kazakhstan to Source Energy From the Russian Federation

Crypto mining enterprises operating in Kazakhstan will be able to rely on electricity produced in neighboring Russia to power their energy-hungry hardware. To allow that, the two partnering nations will amend a bilateral agreement governing the coordinated operation of their energy systems.

The government in Moscow has already ordered the necessary changes and begun preparations to organize the supply of power for Kazakhstan’s crypto mining sector, the crypto news page of the Russian business information portal RBC unveiled.

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In accordance with the new arrangements, Inter RAO, which holds monopoly on the export and import of electricity in Russia, will be able to sell in Kazakhstan under contracts concluded on commercial terms directly with the mining firms working there.

With its low, subsidized electricity rates, Kazakhstan attracted numerous mining companies after the Chinese government cracked down on the industry last year. The subsequent surge in consumption was blamed for the power shortages and multiple breakdowns of the country’s aging energy infrastructure. In January, Kazakh authorities temporarily shut down around 200 mining facilities.

The state-owned Russian energy giant first started considering additional supplies to Kazakhstan last fall, when the country was expecting its electricity deficit to reach 600 megawatts amid increasing demand during the cold winter months after consumption neared 83 billion kilowatt-hours (kWh) in the first nine months of 2021.

At the time, Inter RAO criticized Kazakhstan for its capped tariffs which the Russian holding said had led to lack of funds for investments in modernizing and upgrading the country’s generation capacities and distribution network. Also, electricity imports were previously restricted in Kazakhstan, unless the national grid operator KEGOC identified a risk of shortages.

Lawmakers in Nur-Sultan have recently proposed a bill aiming to reduce what they describe as “uncontrolled use of electricity by ‘gray’ miners.” The new legislation seeks to reserve the opportunity to mint digital coins only for mining companies registered with the Astana International Financial Center (AIFC). If the law is adopted, foreign entities would only be allowed to mine under contracts with domestically licensed data centers.

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agreement, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, electricity supply, Energy, export, import, Inter RAO, kazakh, Kazakhstan, KEGOC, Miners, mining, power, power deficit, Russia, russian, shortages, Supply

Do you think Kazakhstan will be able to solve its problems with power deficit and ensure sufficient electricity supplies for its crypto mining industry? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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