Hassan Maishera
Ethereum Hash Rate Reaches a New All-Time High
The Ethereum hash rate, or the network’s computing power, has reached an all-time high today. The network’s current hash rate stands at about 747 TH/s (terahashes per second). This is the highest it has been in months following China’s ban on cryptocurrencies.
Ethereum’s hash rate hit a low of 465 TH/s in July as the Chinese government clamped down on cryptocurrency mining activities. As a result, miners were forced to move to other countries, with most of them moving to the United States and other parts of North America.
Since July, Bitcoin and Ether’s hash rates have been recovering, closely followed by a surge in the prices of the leading cryptocurrencies. Numerous factors contributed to hash rate increase, including continuous growth in the DeFi and NFT space and also Ether’s recent price rally.
Ether, the native coin of the Ethereum network, reached a new all-time high above $4,400 four days ago. However, it slightly dipped earlier this week, but the second-largest cryptocurrency is now trading above the $4,400 level again.
At the time of writing, ETH is trading at $4,439.67 per coin and could soon reach the $4,467 level again. If ETH can maintain its current momentum, then it could reach a new all-time high above $4,500 over the next few hours or days.
An increase in ETH’s trading price makes Ethereum mining more profitable to the miners since they receive the block rewards in Ether. Ethereum miners might not get to enjoy mining rewards for long as the blockchain is preparing to migrate to a proof of stake protocol from its current proof of work.
The activation of the Artier upgrade on the Ethereum blockchain last week brings it a step closer to launching the proof of stake protocol.
