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 hash rate tapped an all-time high on May 13, at a block height of 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in market capitalization.
Ethereum’s Hashrate Continues to Climb Higher
Proof-of-work (PoW) Ethereum miners are working harder to mine Ethereum before the upcoming Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hash rate tapped an all-time high (ATH) on May 13, 2022, at a block height of 14,770,231.
The network reached 127 petahash per second (PH/s) that day. The processing power is currently operating at 1.18 PH/s at writing. Miners have been hashing away at the Ethereum network and plan to do so until the network’s proof-of-stake (PoS) transition.
Since June 28, 2021, Ethereum’s hash rate skyrocketed 124.33%, from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hash rate has jumped 725.17%. Ethereum miners are still profiting greatly since the crypto market downturn. Innosilicon’s A11 Pro with 1,500 mega hash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates.
A 750 MH/s miner can get $17.82 per day in ether profits, and a 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest Ethereum mining pool today with 303.12 TH/s of computational power.
The second-largest ether mining pool is F2pool with 155.35 TH/s, and Poolin commands the third-largest share of Ethash with 121.69 TH/s. Other notable Ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s).
Ethereum has more than 80 mining pools or operations dedicating hash rate to the blockchain using the proof-of-work (PoW) algorithm Ethash. Ethereum miners will likely continue to dedicate hash rate to the blockchain until The Merge occurs.
However, the miners mining ether will not be able to hash away at the Ethereum network after The Merge completes the transition as the chain will be fully PoS. Ethereum developer, Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment.”