Amid a crazy week in the cryptocurrency world and the bitcoin network’s mining difficulty hitting a lifetime high at 31.25 trillion, Ethereum’s hash rate hit an all-time high on May 13 at block high 14,770,231. Cryptocurrency miners continue to devote huge amounts of processing power towards the second largest crypto network in terms of market capitalization.
Ethereum’s hash rate continues to grow
Proof-of-Work (PoW) Ethereum miners are working harder than ever to mine Ethereum ahead of the upcoming merge. While most of the attention was directed at the Terra blockchain meltdown last week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022 at block height 14,770,231.
The network reached 127 petahashes per second (pH/s) that day and at the time of writing the processing power is currently operating at 1.18 pH/s. Miners on the Ethereum network have branched out and plan to do so until the network’s proof-of-stake (PoS) transition.
Since June 28, 2021, the hash rate of Ethereum has increased by 124.33% from 0.526 PH/s to 1.18 PH/s today. Furthermore, since March 25, 2019, the hash rate of Ethereum has increased by 725.17%. Ethereum miners are still making huge profits since the crypto market crash, as Innosilicon’s A11 Pro can make gains of $36.66 per day using today’s Ether exchange rates with 1,500 megahash per second (mH/s) Is.
A 750 MH/s miner can get $17.82 per day in Ether profits and a 500 MH/s miner can get around $11.71 per day. Currently, Ethermine.org is the largest Ethereum mining pool today with a computational power of 303.12 TH/s.
The second largest Ether mining pool is F2pool with 155.35 TH/s and Poolin commands 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 over 80 mining pools or operations that dedicate hashrate to the blockchain using the proof-of-work (PoW) algorithm ethash. It is possible that Ethereum miners will continue to dedicate hashrate to the blockchain until the merger takes place.
However, after completing the transition of The Merge, miners mining ether will not be able to hash on the Ethereum network as the chain will be fully PoS. Ethereum developer Tim Beiko has said that the merge is likely to be pushed to the third quarter of 2022. Biko further elaborated that he “strongly recommends not investing more in mining equipment at this point.”
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