Crypto Network Hashrates Recover From Summer Slump — Ethereum’s Hashrate Captures All-Time High
On November 2, 2021, the Ethereum network’s global hashrate tapped an all-time high (ATH) at 873 terahash per second (TH/s) or close to 1 petahash. Alongside Ethereum’s ATH, a myriad of hashrates have returned back to the highs the network’s once held before the crypto mining crackdown in China.
Hashrates Return Following China’s Crypto Mining Crackdown This Past Summer
Last summer at the end of June, a great number of cryptocurrency networks saw their hashrates decline significantly, but today many networks have recovered from the large losses. For instance, the Bitcoin (BTC) network hashrate plummeted to a low of 69.11 exahash per second (EH/s) on June 28, and today BTC’s hashrate is coasting along at 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 time period the Bitcoin network’s hashrate shuddered last summer, Litecoin’s (LTC) hashrate dipped 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 rose back up to today’s 2.83 PH/s. Dash did jump above 5 PH/s at the end of August but lost some petahash, but the Ethereum (ETH) network, on the other hand, reached an all-time high.
Ethereum Network Hashrate Surpasses All-Time High
Ethereum’s hashrate tapped a high of 873 TH/s which is 0.873 PH/s or close to a single petahash. The ETH hashrate will likely pass the single petahash metric before the network does a full transition from proof-of-work (PoW) to proof-of-stake (PoS). Last year on this day, the Ethereum network was processing transactions at a speed of 279 TH/s and since then the hashpower has increased by 212.90%.
Mining ethereum (ETH) at the time of writing is profitable with an Innosilicon A10 Pro+ ethereum miner or an equivalent with 750 megahash per second (MH/s). An ether miner of this caliber can produce $61.70 per day in profits 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 transitions to full PoS, Bitmain and Innosilicon are planning to launch machines with an output of 1.5 to 3 gigahash per second (GH/s). At these theoretical hashpower rates, using $0.12 kWh and today’s ether prices, machines at that caliber could produce $124 to $254 per day in profit.
What do you think about the myriad of crypto networks that have seen hashrate increases during the last six months? What do you think about the Ethereum network’s hashrate tapping an all-time high? Let us know what you think about this subject in the comments section below.