Ethereum Classic loses half of its hash rate after Atlantis fork | CryptoNews

Ethereum Classic has lost half of its hashrate in less than a day, after carrying out its Atlantis fork. We could be witnessing the second collapse of the mythical continent, given that the blockchain has gone from registering 11.56 Th / s of hash rate in the morning at 6.22 TH / s at the time this note is made.

According to information from the network, Ethereum Classic reached today, September 12, block 8772000, height at which the fork was scheduled. Atlantis was updated without major setbacks, but As the hours went by, his hash rate began to decrease rapidly.

The Coinwarz website shows that the hash rate or hash rate—Value that represents the computing capacity of active miners in the network— has declined in recent hours, reaching a record hash rate of 6.22 TH / s. That is, after the fork there seems to be a smaller number of miners confirming transactions in the blockchain.

The increase in mining difficulty or the decrease in profitability are the most common factors that motivate mining equipment to be deactivated. However, Ethereum Classic does not seem to be in a similar situation. The network's mining difficulty is at its lowest values, according to Coinwarz data. Also, its price per unit has not been affected. Because of this, it seems that the Atlantis fork would have something to do with this significant decline in the hash rate.

What could be happening?

The loss of hash rate on the blockchain, in view of the statements made by Steven Lohja, technology coordinator of Ethereum Classic, two days ago. The representative noted that 75% of network miners confirmed their support for Atlantis, including pools such as Ethermine, 2miners, Nanopool and F2pool.

In this sense, it would be confirmed that 25% of the active miners in Ethereum Classic could have decided to refrain from confirming transactions or having migrated to other platforms. However, this percentage does not yet explain a decrease in hash rate 50% in just a few hours, as Lohja also confirmed that most of the network nodes were updated before the fork and that the larger pools supported the initiative.

The steep decline in the rate of hash It could also be related to the fact that the Mantis client will not offer support to Atlantis. In any case, the fork affects the clients of the nodes, so those users (miners) who did not update the nodes may have been left out of the main blockchain.

The Atlantis.soc1 page recommended to users: «Be sure to update your node before the Atlantis fork», a recommendation that suggests that without software modification the equipment could be affected and could explain the decrease in mining activity in the net.

The new of Atlantis

Beyond the inconveniences, the long-awaited Atlantis fork is active in Ethereum Classic. After a wait of more than five months and an extension in July, the community may test the performance of the new fork. Atlantis plans to "increase network stability and security," the developers say. For it, The team introduced a total of 10 modifications to the blockchain.

Among the most outstanding updates, it is highlighted that Atlantis allows modifying the mining adjustment formula, preventing the network from being manipulated to produce artificial ETC. It will also add new functionality to the blockchain virtual machine, an update based on Ethereum's Byzantium hardfork. One of the objectives of this update is to increase the compatibility of Ethereum with Ethereum Classic, thus allowing the migration of decentralized applications (Dapps).