Ethereum's Hashrate Reaches Its Highest Level in Over Seven Months

News
Thu, 06/04/2020 - 19:11
Alex Dovbnya
Ethereum’s hashrate reaches a seven-month high as its proof-of-stake era looms
Cover image via stock.adobe.com
Contents

Since the start of 2020, the Ethereum network has managed to increase its hashrate by nearly 27 percent, according to data provided by Glassnode.

In fact, it recently reached its highest level in more than seven months of close to 180 TH/s.  

image by @glassnode

Related
Ethereum Options Open Interest Surges to $140 Mln While BTC OI Holds Over $1 Bln on Deribit

Far from its highs

Like other proof-of-work blockchains, Ethereum relies on miners who make sure that the network remains strong and decentralized by contributing their computing power. 

Back in 2015, Ether made its debut with only 11 GH/s. Its hashrate reached the current peak of 296 TH/s in August 2018 before starting to fall dramatically in Q4 during the crypto winter

The recent increase comes right on the verge of the Ethereum 2.0 upgrade whose delay-ridden implementation is expected to take place in July.

Ethereum 2.0, which will mark the network’s transition to the proof-of-stake consensus mechanism, will initially exist in parallel with the Ethereum 1.0 chain.     

Related
Ethereum Might End Up Outperforming Bitcoin, According to Raoul Pal

Steadier than Bitcoin 

After the ETH price endured its biggest collapse to date on March 12, few miners left the network. 

While Bitcoin’s hashrate dropped by 23 percent as the aftermath of the market collapse, Ethereum miners didn’t capitulate.

image by consensys.net

The recent hashrate drop of the largest altcoin also coincided with its price appreciation. ETH is up roughly 22 percent over the 10 days. 

Bitcoin’s hashrate, despite recovering from the supply cut shock, is still far from reaching its all-time high of 123 EH/s that was recorded on March 8.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy