Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown

Ethereum

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization.

Ethereum Hashrate Keeps Climbing Higher

Proof-of-work (PoW) ethereum miners are working harder than ever to mine ethereum ahead of the upcoming merger. While most of the attention was directed towards the collapse of the Terra blockchain last week, Ethereum’s hashrate reached an all-time high (ATH) on May 13, 2022, at a block height of 14,770,231. .

The network reached 127 petahash per second (PH/s) that day and the processing power is currently operating at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition.

Since June 28, 2021, Ethereum hashrate has skyrocketed 124.33% from 0.526 PH/s to 1.18 PH/s today. Additionally, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a lot since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit from $36.66 per day using cryptocurrency rates. ether current exchange.

A 750 MH/s miner can get $17.82 per day in ether profits and 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest ethereum mining pool today with 303.12 TH/s of computational power.

The second largest Ether mining pool is F2pool with 155.35 TH/s and Poolin controls the third largest share of Ethash with 121.69 TH/s. Other notable Ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s).

Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the proof-of-work (PoW) algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.

However, miners mining Ether will not be able to make do on the Ethereum network once The Merge completes the transition, as the chain will be entirely PoS. Ethereum developer Tim Beiko stated that The Merge would likely be pushed back to Q3 2022. Beiko further clarified that he “strongly suggests no further investment in mining equipment at this stage.”

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