Ethereum’s hash rate hit an all-time high on May 13 with a block height of 14,770,231 amid a frantic week in the cryptocurrency world and the Bitcoin network’s mining difficulty hitting an all-time high of 31.25 trillion. Cryptocurrency miners continue to pour massive amounts of processing power into the second-largest crypto network in terms of market capitalization.
Ethereum’s hash rate continues to climb
Proof-of-work (PoW) ethereum miners are working harder than ever to mine ethereum ahead of the impending merger.Although most of the attention is focused on Terra blockchain crashes Last week, Ethereum’s hash rate hit an all-time high (ATH) on May 13, 2022, with a block height of 14,770,231.
network reach Chapter 127 per second (PH/s), at the time of writing, the processing power is currently running at 1.18 PH/s. Miners have been working on the Ethereum network and plan to do so ahead of the network’s proof-of-stake (PoS) transition.
Since June 28, 2021, Ethereum’s hash rate has surged 124.33% from 0.526 PH/s to 1.18 PH/s today. Additionally, Ethereum’s hash rate has jumped 725.17% since March 25, 2019.Ethereum miners are still making huge profits since the cryptocurrency market downturn, as Innosilicon’s A11 Pro’s 1,500 megahashes per second (MH/s) can profit Using today’s ether rates, that’s $36.66 a day less.
A 750 MH/s miner can earn $17.82 a day in ETH profits, while a 500 MH/s miner can earn around $11.71 a day.Currently, Ethermine.org is the largest Ethereum mining pool today, with 303.12TH/s computing power.
The second largest Ethereum mining pool is F2pool with 155.35 TH/s, and Poolin holds 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 that use the proof-of-work (PoW) algorithm Ethash to dedicate the hash rate to the blockchain. Until The Merge happens, Ethereum miners will likely continue to dedicate hashrate to the blockchain.
However, after The Merge completes the transition, miners mining Ethereum will not be able to hash on the Ethereum network as the chain will be entirely PoS. Ethereum developer Tim Beiko said The merger could be delayed until the third quarter of 2022. Beiko further detailed that he “strongly recommends against investing more in mining equipment at this time.”
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