The hashrate of Ethereum – or the computing power of the blockchain network with which ETH is being dismantled – continues to rise and has now reached a new all-time high.

The rate is now 747 TH / s (terahashes per second), down from a low of 465 TH / s in July. Since then, the hashrate has recovered significantly.

Several factors appear to have contributed to the increase in hashrate, including continued growth in the DeFi and NFT space, as well as the recent ETH bull run. When the price of ETH is trading at a higher level, Ethereum miners will be more profitable because they will receive a larger block reward.

In fact, the Ethereum miners generated a whopping $ 1.85 billion in revenue last month. It is noteworthy that their sales are still higher than that of the Bitcoin miners for the sixth month in a row.

ETH price also continued to rise as it hit a new ATH of $ 4,477 again in just a few days (the previous ATH was $ 4,460 on Oct 29) and is currently up 3% that day.

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Annie

According to The Block

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