Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown – Mining Bitcoin News

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Large amounts of cryptocurrency mining power are being used to support the second-largest blockchain network, in terms of market capitalization.

Ethereum’s Hashrate Continues to Climb Higher

The proof-of-work (PoW), ethereum miners have been working hard to extract ethereum ahead of the Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022, at block height 14,770,231.

It reached 127 petahash per hour (PH/s), and is now operating at 1.18 PPH/s as of this writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition.

Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a great deal since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates.

A miner who works at 750MH/s will earn $17.82/day in ether profits, while a miner working at 500MH/s will make around $11.71/day. Ethermine.org currently holds the record for largest ethereum mining pools with 303.12 trillionths of computing power.

F2pool is the second largest ether mining pool with 155.35 THB/s. Poolin has 121.69 THB/s, making it third in Ethash. Notable ethereum mining operations are hiveon.net (128.59 TH/s), 2miners.com (66.76 TH/s) and flexpool.io (59.57 TH/s).

Ethereum is home to more than 80 mining facilities or operations that have dedicated hashrate using the Proof-of-Work (PoW), algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.

The Merge has completed the transition, so the Ethereum miners will no longer be able have a go at mining Ethereum. The Ethereum chain will become fully PoS. Tim Beiko is an Ethereum developer. He stated that The Merge could be extended to the third Quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.”

What do you think about Ethereum’s hashrate reaching an all-time high on May 13, 2022? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. 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 has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.