The scale of computing power on the Ethereum network is currently the highest after weeks of volatility in major blockchain accounts.
According to network analyst Glassnode, Ethereum’s hash rate on October 6 reached a full-time high of more than 250 terrashes per second (TH / s), up 80% from January. Glassnode said the increase in injecting drug use around DeFi projects this year, which has driven up gasoline prices, may have contributed to speeding up to a record high.
Additionally, data from F2Pool shows that it is currently three times more profitable to mine Ethereum (ETH) rather than Bitcoin (BTC).
F2Pool, which calculates mining profitability by determining current revenue (block rewards and transaction fees) and deducting electricity cost, suggests that BTC Antminer S19 Pro miners could earn $ 4.33 in profits in 24 hours, while miners ETH. GTX TitanV 8 Cards can expect to use $ 15.56 during the same period, which makes it 259% profitable now. The six rigs tracked by F2Pool show that Ethereum miners show daily earnings of over $ 10, while only two bitcoin platforms are generating more than $ 4.
Hash rate is an important calculation to determine the health and integrity of a blockchain. It measures the processing power of the network. The last time Ethereum’s hash rate approached these record levels was in August 2018, when it was at 246 TH / s. However, the token price has steadily decreased from over $ 400 to under $ 100 by December of the same year.
Various other accounts of the Ethereum network may encourage miners to choose the network over Bitcoin.
The increase in DeFi, combined with the increase in stack coins, saw transaction fees on the Ethereum blockchain reach record highs in the third quarter. Glassnode data shows that Ethereum miners raised $ 166 million in transaction fees in September alone. In contrast, Bitcoin miners earned only $ 26 million in fees during the same period.
But recently, transaction fee revenue has fallen dramatically. Cointelegraph reported that from a peak of $ 11.60 on September 17 to $ 2.98 on October 1, down more than 74% in two weeks, the average subscription fee has decreased.