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Ethereum Hashrate Has Hit Its Highest Level Since 2018

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The Ethereum hashrate these days is at its highest since the 2018 peaks.

The absolute peak was reached on August 9, 2018, with more than 295 TH / s, driven by the increase in the ETH value thanks to the speculative bubble at the end of 2017.

It has since suffered a real collapse, which brought it to just over 136 TH / s in March 2019.

Over the course of 2020, however, there was a further massive increase, as at the beginning of the year it was still around 160 TH / s, but by March it had already returned to 180 TH / s.

At the end of June it again exceeded 190 TH / s, but between August and September it grew more, reaching again 250 TH / s for the first time after October 2018.

On October 6, the maximum peak of 2020 was reached at more than 265 TH / s, not far from the 295 TH / s it had reached in August 2018. Similar peaks had not been reached since September of the same year.

It should be remembered, however, that these data are actually estimates and, according to other estimates, the October 6 peak would be the highest in history.

Ethereum hashrate record: the most profitable mining

The fact is, thanks to recent increases in the value of ETH, mining for Ethereum appears to have become much more profitable than Bitcoin, for example.

Until April 2020, ETH mining was more profitable than BTC mining, but to a lesser extent. Since then, the profitability of ETH mining has practically tripled, although it appears to have been declining somewhat in recent days.

However, it must be said that while the value of ETH varies very rapidly, the hashrate varies much more slowly, so it is possible that the recent growth is still due to the August and September increases in value.

Another factor that has a strong impact are the fees, that is, the transaction costs collected by the miners themselves.

Thanks to the success of DeFi, transaction gas on the Ethereum blockchain skyrocketed in August and September, causing miners to make a lot of money on certain days.

The CEO of Binance, Changpeng Zhao, for example, points out that more than 1 million transactions were recorded on the Ethereum blockchain yesterday, with total fees exceeding $ 2 million and an average cost of around $ 2.1 per transaction.

On the other hand, around 200,000 transactions were recorded on the Binance Smart Chain blockchain, with a total fee of just $ 13,000 and a cost per transaction of 6 cents.

This, if on the one hand it indicates that There are already cheaper alternatives to Ethereum, on the other hand also points out that the profitability of Ethereum mining at this time is influenced not only by the value of ETH, but also and above all by the high transaction costs.





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