The wild week in cryptocurrency and Bitcoin’s mining difficulty hitting a lifetime high of 31.25 trillion made it a crazy week. Ethereum’s hashrate reached an all-time high block height of 14,770,231. The second largest crypto network by market capitalization is still being supported by large numbers of cryptocurrency miners.
Ethereum’s Hashrate continues to climb higher
Proof-of-work (PoW), ethereum miners are pushing harder than ever to mine ethereum prior to the Merge. The Terra blockchain meltdown last week was the focus of attention. Ethereum’s hashrate reached an all-time high on May 13th, 2022 at block height 14,770,000.231.
The network reached 127 petahash per hour (PH/s), and is currently running at 1.18 PH/s as of this writing. The Ethereum network has been being worked on by miners, and they plan to continue this work until it reaches proof-of-stake (PoS).
Ethereum’s hashrate has risen 124.33% since June 28, 2021 from 0.526 PHP/s to 1.18 PH/s today. In addition, Ethereum’s hashrate increased 725.17% since March 25, 2019. The crypto market downturn has not stopped Ethereum miners from making huge profits. Innosilicon’s A11Pro with 1,500 megahashes per second (MH/s), can make $36.66 per daily using today’s ether exchange rate.
A miner who works at 750 MH/s can earn $17.82 per daily in ether profits, while a miner working at 500 MH/s can make around $11.71 per hour. Ethermine.org, which currently has 303.12 TH/s computational power, is the largest ethereum mine pool.
F2pool is the second-largest Ethash mining pool with 155.35 THB/s. Poolin has 121.69 THB/s. Notable ethereum mining operations are hiveon.net (118.59 T/s), 2miners.com (66.7 TH/s), flexpool.io (59.77 TH/s).
There are more than 80 Ethereum mining pools and operations that dedicate hashrate to the blockchain with the proof-of work (PoW), algorithm Ethash. It is likely that ethereum miners continue to dedicate hashrate the blockchain until The Merge.
The Merge will ensure that the Ethereum network is fully PoS, meaning that miners will no longer be able to mine ether. Tim Beiko, an Ethereum developer, stated that the Merge will likely be pushed to third quarter 2022. Beiko stated that he strongly recommends not to invest more in mining equipment at the moment.
