Ethereum hashrate has reached its all-time high

The computing power on the Ethereum (ETH) network has been growing steadily since January 2020.

According to the Glassnode team, for the firstnine months of this year, the hashrate jumped by80%, exceeding 250 terahash per second (TH/s). Researchers attribute the record high miner activity to the emerging DeFi decentralized finance market.

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Demand for transactions is growing, what does mining do?Ethereum is very profitable. In parallel, there is a rapid increase in transaction fees on the network. Since April, the cost of one transaction has increased by more than 500%.

If you look at the data of the F2Pool mining pool, you will notice that now it is much more profitable to mine Ether (ETH) than to engage in Bitcoin mining.

Last time such a high hash rate on the networkEthereum was observed in August 2018. However, we note that by December 2018, this figure had dropped to a minimum amid falling ether prices below $ 100. Today, the largest altcoin is trading just above $ 340.

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