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What is Etchash Algorithm?

May 20, 2024

Quick Summary

Etchash has become one of the most popular mining algorithms after it was transitioned from Ethash with a few upgrades and modifications. Because Ethereum Classic is the most valuable cryptocurrency that uses the ETChash algorithm, many miners have been interested in fighting for the available mining incentives.

In this blog, we will explore all the aspects of the Etchash algorithm.

Table of Contents

    Etchash Algorithm Explained

    Etchash, a modified version of the Hashimoto dagger used by Ethereum Classic, functions similarly to Ethash, the original Ethereum. Ethereum Classic experienced a DAG reduction, and the algorithm changed from ETHash to ETChash in accordance with ECIP-1099. The only difference between the two was how the epoch influences the seed hash and DAG size. The goal was to double the epoch calculations used in the DAG calculations by calibrating the epoch duration. It was believed to significantly reduce the DAG size and slow down the DAG growth. It was applied to minimize all ECIP-1403 standards or specifications.

    Significant Highlights of an Event in The Ethereum Foundation: Merge Event

    Significant Highlights of an Event in The Ethereum Foundation Merge Event

    Source: Ethereum.org

    • The Ethereum foundation migrated its EVM network to the proof-of-stake consensus on 15 September 2022, a move popularly known as the merge event.
    • In this event, the original executed layer of Ethereum merged with the proof-of-stake consensus layer, known as the Beacon chain. It discarded the requirement of mining, which consumed a lot of energy, and enabled the network using the ETH stake.
    • This move was made keeping in view sustainability and security. Initially, the Beacon chain was running parallel to the main network (proof-of-work). It finally merged when both PoS and PoW came together, and it was finally replaced permanently by Proof-of-Stake.
    • The merge did not affect anything for its users, be it their past transactions, history or any funds held in the user’s wallet. It smoothly transitioned and kept everything as it was for the users.
    • The merge event made a significant shift in the energy-intensive factor of mining the ETC. Post the end of the proof-of-work consensus era, a new era for mining ETC began that is more eco-friendly and more sustainable, witnessing a significant drop in the ETC mining energy consumption.

    What changed after the Merge Event?

    Here is what changed after the Merge Event took place in September 2022:

    • Block Structure

    The merge introduced little breaking changes, and after the event, the proof-of-work blocks were no longer available as they are now a component of the blocks created on a Beacon chain and became the new proof-of-stake consensus layer of Ethereum.

    The Beacon chain contains the Ethereum Payloads, where the interactions with Ethereum happen. The execution clients carry out the transactions on this new layer.

    • Consensus Algorithm

    At first, the transactions, balances, smart contracts, and blockchain were carried out in the main network using the proof-of-work consensus method only. The Beacon chain created initially ran parallel to the main network using proof of stake.

    After the merge, these systems came together and replaced the proof of work consensus with the proof of stake consensus.

    • Block Timing

    The merge also influenced the block time on Ethereum. Initially, under the proof-of-work consensus mechanism, the average block time was 13 seconds.

    However, after the merge, under the proof of stake, the consensus mechanism was reduced to 12 seconds except for the times when either the validator was offline, or the block was not submitted in time.

    Therefore, it can be concluded that the average block time was reduced by 1% after the merge.

    • Finalized Block & Safe Head

    Initially, with proof-of-work block generation, there is always some room for attacks. This is because the applications often accept the block as confirmed or less likely to be eliminated from the standard chain, usually after a few blocks have been mined.

    However, after the merge, the finalized block ensures the network’s safety and can be used more reliably than the “confirmed” proof of work blocks.

    A finalized block requires 2 out of 3 validators to be accepted as canonical. The safe head here means that 2 out of 3 have to attest. It implies that the block would not be part of the canonical chain until it’s been verified by the majority of the validators.

    To attack the network, an attacker would have to stake millions of Ethereum, which technically is not possible. Therefore, the merge secured the network and changed the validation criteria of the blocks as well.

    What is the difference between ETChash & Ethash?

    What is the difference between ETChash & Ethash

    Top Etchash coin to Mine

    Ethereum Classic(ETC)

    Ethereum Classic (ETC) cryptocurrency is a decentralized, open-source computing platform built on top of blockchain technology. It is currently priced at $27.84. It enables programmers to create and implement smart contracts, which are self-executing, autonomous code segments that initiate specific actions in response to certain inputs.

    The image shown below depicts the stats for ETC over the course of about a year.

    Check out the latest Etchash Miners

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    Conclusion

    The Etchash algorithm is one of the renowned mining algorithms that is a hard fork of Ethash that miners use to mine coins, like Ethereum Classic. It has been upgraded with a few modifications, making the ETC mining even more secure than before.

    However, there are risks involved in everything, as the cryptocurrency market tops the list of the most volatile markets. However, proper knowledge and a keen eye for updated trends with regard to the Etchash algorithm can help you mine Etchash coins efficiently.

    FAQs on Etchash Algorithm

    • Which consensus algorithm is used by Etchash-employed coins?

      Etchash employed coin is using the proof-of-stake consensus algorithm after the merge event.

    • Will the old Ethash ASICs be able to mine the ETChash coin?

      The Ethereum foundation itself asked its users to replace the old Ethash hardware with the new ones as they might not be compatible with the ETChash algorithm.

    • Did the merge event affect the previous data of the Ethash users?

      No, the previous transactions, data, history or funds were unaffected by the merge event and were carried forward easily for the user’s ease.

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