On November 2, 2021, the global hashrate of the Ethereum network hit a record high (ATH) of 873 terahash per second (TH / s) or close to 1 petahash. Along with Ethereum’s ATH, a myriad of hashrates have returned to the heights the network once held before China’s crackdown on crypto mining.
The hashrates return after the crackdown on crypto mining in China last summer
Last summer, at the end of June, a large number of cryptocurrency networks saw their hashrates drop significantly, but today many networks have recovered from large losses. For example, the Bitcoin network (BTC) hashrate dropped to a low of 69.11 exahash per second (EH / s) on June 28, and today BTC’s hashrate hits 169 EH / s. That’s an increase of 144.92% and a variety of other crypto protocol hashrates have also seen significant recoveries in terms of global hashrate.
During the same period, the Bitcoin network hashrate trembled last summer, Litecoin’s hashrate (LTC) fell to a low of 167.44 terahash per second (TH / s) and is now at 332 TH / s. The Dash (DASH) network saw hashrate losses during the first week of July, hitting a low of 2.22 petahash per second (PH / s) and has climbed back to 2.83 PH / s today. Dash jumped above 5 PH / s in late August but lost petahash, but the Ethereum (ETH) network, on the other hand, hit an all-time high.
Ethereum network hash rate breaks record high
Ethereum hashrate peaked at 873 TH / s, or 0.873 PH / s or close to a single petahash. The ETH hashrate will likely pass the only metric petahash before the network makes a full transition from Proof of Work (PoW) to Proof of Stake (PoS). Last year to date, the Ethereum network was processing transactions at a speed of 279 TH / s and since then hashing power has increased by 212.90%.
Mining ethereum (ETH) at the time of writing pays off with an Innosilicon A10 Pro + ethereum miner or equivalent with 750 megahash per second (MH / s). An ether miner of this caliber can produce $ 61.70 per day in profit with an electricity consumption rate of $ 0.12 per kilowatt hour (kWh) and today’s ETH exchange rates.
It has been reported that before Ethereum’s transition to full PoS, Bitmain and Innosilicon planned to launch machines with an output of 1.5 to 3 gigahash per second (GH / s). At these theoretical chopping power rates, using $ 0.12 kWh and today’s ether prices, machines of this caliber could produce $ 124 to $ 254 per day in profit.
What do you think of the myriad of crypto networks that have seen their hash rates increase over the past six months? What do you think of the Ethereum network hashrate reaching an all-time high? Let us know what you think of this topic in the comments section below.
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