The popularity of Ethereum hashrate in recent months has increased. It has proven to be one of the most lucrative ventures for cryptocurrency miners. As more people flock to get a piece of the bounty, hashrate rocketed. In the span of just May, it has reached multiple new all-time records. It remains to be seen if the digital asset’s price will rise as much as its mining hashrate.
New ATH Launched by Ethereum Hashrate
When it comes to Ethereum mining, May will be an excellent month. The mining hashrate rose steadily through April and reached 1.1923 Ph/s by the end of May. It was clearly celebrated on the market. However, this was not yet over.
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In the next few weeks, it would set new records. It has now reached another ATH, just two weeks in the month. By the 13th of May, Ethereum had reached 1.2370 PH/s. This hashrate is at its highest ever. The 124% increase in annual growth is remarkable.
The ETH price settled above $2,000| Source: ETHUSD on TradingView.com
Ethereum operates using a proof-of work system, and there are reported to be over 80 miners providing hashrate. One thing to note is that the hashrate has been on the rise as the “Merge” draws closer. This would eliminate the need to upgrade.
High computing power is required for complex calculations to validate transactions. The network could instead use proof of stake to execute transactions.
What ETH is doing
Ethereum once again managed to surpass $2,000 After a difficult week filled with dips and crashes, Ethereum has achieved this milestone. It was a hard won victory, but it is a win nonetheless. But it seems to be the only trend.
The indicators of the digital asset show a striking bearish trend, both in the short- and long-term. It is trading at a level above $2,000 as of writing but it still shows all signs that it could be regarded as a bearish asset.
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Investor sentiment has also moved completely to the selling side. With even the 100 – 200-day MACD pointing towards sell. This shows that investors are under increasing selling pressure.
ETH investors are still doing relatively well compared with others. ETH remains profitable for most people who own it, even though its value has fallen more than half from its high point. The majority of those who hold the digital asset have had their coins in place for at least one year.
Featured Image from Medium. Chart from TradingView.com