Ethereum’s hash rate hit an all-time high on May 13 with a block height of 14,770,231 amid a frantic week in the cryptocurrency world and the Bitcoin network’s mining difficulty hitting an all-time high of 31.25 trillion. Cryptocurrency miners continue to pour massive amounts of processing power into the second-largest crypto network in terms of market capitalization.
Ethereum’s hash rate continues to climb
Proof-of-work (PoW) ethereum miners are working harder than ever to mine ethereum ahead of the impending merger. While much of the attention was focused on last week’s Terra blockchain crash, Ethereum’s hash rate hit an all-time high (ATH) on May 13, 2022, with a block height of 14,770,231.
The network hit 127 petahash per second (PH/s) that day, and at the time of writing, the processing power is currently running at 1.18 PH/s. Miners have been working on the Ethereum network and plan to do so ahead of the network’s proof-of-stake (PoS) transition.
Since June 28, 2021, Ethereum’s hashrate has surged 124.33% from 0.526 PH/s to 1.18 PH/s today. Additionally, Ethereum’s hash rate has jumped 725.17% since March 25, 2019. Ethereum miners are still making massive profits since the cryptocurrency market downturn, as Innosilicon’s 1,500 megahashes per second (MH/s) A11 Pro could make $36.66 per day using today’s ether rate.
A 750 MH/s miner can earn $17.82 a day in ETH profits, while a 500 MH/s miner can earn around $11.71 a day. Currently, Ethermine.org is the largest Ethereum mining pool today with a computing power of 303.12 TH/s.
The second largest Ethereum mining pool is F2pool with 155.35 TH/s, and Poolin holds 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 that use the proof-of-work (PoW) algorithm Ethash to dedicate the hash rate to the blockchain. Until The Merge happens, Ethereum miners will likely continue to dedicate hashrate to the blockchain.
However, after The Merge completes the transition, miners mining Ethereum will not be able to hash on the Ethereum network as the chain will be entirely PoS. Ethereum developer Tim Beiko has said The Merge could be delayed until the third quarter of 2022. Beiko further detailed that he “strongly recommends against investing more in mining equipment at this time.”
What do you think of Ethereum’s hash rate reaching a new all-time high on May 13, 2022? Let us know what you think about this topic in the comments section below.
Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.