Ethereum (ETH) Hashrate Hits New All-Time High despite Strong Market Correction

Last week, the broader cryptocurrency market entered a major correction following the collapse of the Terra blockchain. The market correction eroded nearly $250 billion dollars of investors’ wealth in a matter of a single week. The world’s second-largest cryptocurrency Ethereum (ETH) also faced the heat of the heavy market sell-off. Ether (ETH) is already trading down by more than 16% on the weekly chart at a price of $2,072 and a market cap of $250 billion. Despite all the heavy sell-off and the market turmoil, the ETH hashrate touched an all-time high last week on May 13.

The hashrate peaked at the block height of 14,770,231. It shows that Proof-of-Work (PoW) miners on Ethereum are working hard just before the upcoming Merge.

On May 13, the Ethereum (ETH) network hashrate touched a high of 127 petahash per second (PH/s). However, it has cooled down since then and is currently operating at 1.2 PH/s.

Ethereum (ETH) Skyrocketing Hashrate

Ethereum’s network hashrate has continued to surge along with its growing adoption in DeFi and NFTs. Just over the last year, the Ethereum network hashrate has surged 125% from 0.526 PH/s to today’s 1.18 PH/s. similarly, it has jumped a staggering 725% since July 2019. The higher the hashrate also means higher security of the blockchain network.

The recent continued surge in the Ethereum hashrate shows that Ether miners have been still profiting despite the recent downturn. Let’s take a look at how different Ethereum miners and mining pools are doing.

Innosilicon’s A11 Pro, a 1,500 megahash per second (MH/s) miner is currently profiting $36.66 per day at the existing Ether exchange rates. Similarly, a 750 MH/s miner gets $17.82 per day while a 500 MH/s can get around $11.71 per day. Then there are Ethereum mining pools with massive computational power.

Ethermine.org is one of the largest ethereum mining pools today having 303.12 TH/s of computational power. F2 Pool is the second-largest Ethereum mining pool with 155.35 TH/s and Poolin commands the third-largest share with 121.69 TH/s. Besides, there are also some smaller popular mining pools in the market such as 2miners.com, hiveon.net, and flexpool.io.

There are a total of 80 such mining pools dedicating hashrate to Ethereum’s PoW algorithm Ethash. It seems Ethereum miners will continue to dedicate hashrate until the upcoming upgrade The Merge.

As of press time, Ether (ETH) is currently trading just above $2,000 with a market cap of $250 billion.