Ethereum’s Hashrate Surpasses Lifetime High as The Merge Gets Closer – Mining Bitcoin News

Following the all-time high (ATH) recorded in May, Ethereum’s hashrate has been breaking records again, as it reached 132 petahash per second (PH/s) on Saturday, June 4. Presently, Ethereum’s hashrate is coasting along at 129 PH/s and the network’s top mining pool Ethermine commands 0.24% of the network’s hashrate.

Ethereum’s Hashrate Captures Another Record High This Year

On June 2, Bitcoin.com News reported on the top five mining pools retaining over 71% of Bitcoin’s hashrate during the month of May. BTC’s hashrate at the time had a rough average of around 200 exahash per second (EH/s) and 16 known mining pools mined the leading crypto asset.

Last May, around 1.03% of Bitcoin’s hashrate stemmed from stealth miners and the processing power tapped an ATH on May 2, 2022, at block height 734,577. Ethereum’s hashrate also reached an ATH in May during the Terra LUNA and UST fallout, tapping 127 PH/s at block height 14,770,231.

Roughly two weeks later, Ethereum’s hashrate reached 127 PH/s again at block height 14,874,537 on May 30. While Bitcoin has 16 known mining pools capturing a majority of the network’s hashrate — as the top five command more than 70% — Ethereum has 78 pools dedicated to the chain.

Ethereum’s top mining pool Ethermine commands 296.69 terahash per second (TH/s) and the second-largest pool, F2pool, captures 151.46 TH/s. Poolin and Hiveon are closely followed by F2pool and Ethermine. Out of the top five ether mining pool metrics, the combined pools produce 0.745% of Ethereum’s global hashrate.

Saturday’s data shows that Ethereum’s hashrate reached 132 PH/s, as the hashpower metric once again tapped another ATH in 2022. Block height was 14,902,285; the ATH occurred at 3.93% more than the ETH havehrate metrics of May 13 and 30, respectively (127 PH/s).

The Merge is approaching and records are set. The network will then be completely transitioned to a Proof-of-Stake (PoS), blockchain protocol. The transition will end and the 78 mining pool that have contributed their hashpower towards the Ethereum chain, will be required for another network to be mined.

There are many crypto networks that ETH miners can choose from. These include ubiq, musicoin(MUSIC), CLO (CLO), quarkchain and callisto. At the time of writing, Ethereum’s consensus algorithm Ethash is the most profitable and it is followed by the consensus algorithm Kadena in terms of profitability.

Further, three other consensus algorithms are more profitable than SHA256 (BTC’s algorithm), which include Scrypt, X11, and Cuckatoo32. In the event of The Merge however, Ethash is likely to lose its status as the most profitable algorithm for mining with ethereum.

What do you think about Ethereum’s hashrate reaching an all-time high on Saturday? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been active since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,000 articles on disruptive protocols.