Ethereum Hash Rate Hits ATH as Miners Race to Mine ETH Before The Merge

von Eva Fox April 09, 2022

Ethereum Hash Rate Hits ATH as Miners Race to Mine ETH Before The Merge

The Ethereum community is gearing up for The Merge and the protocol's transition to a full proof of stake (PoS) system. In this regard, on April 7, 2022, the network hashrate reached an all-time high, as miners race to mine ETH before this shift arrives.

The Ethereum blockchain is expected to move to a full proof-of-stake (PoS) network this year via The Merge. It remains unclear how smoothly this transition will go, so for now, Ethereum (ETH) miners are minting blocks as fast as they can.

A three-month hashrate chart on coinwarz.com shows that the Ethereum hashrate peaked at 1,131 petahash per second (PH/s) on April 7, 2022, according to bitcoin.com. On January 9, 2022, the Ethereum network hashrate exceeded the 1,032 PH/s zone. This means that in two months after reaching a single petahash, the network has increased its hashpower by 13%.

Recently, the daily Ethereum mining rewards have also surpassed the 24-hour Bitcoin mining rewards. On April 9, 2022, the $88.8M daily Ethereum mining revenue is 16% more than the $76.4M daily bitcoin rewards.

On the morning of April 9 ​​(ET), the Ethermine.org mining pool became the leading mining operator on the network with a hashpower of 281.29 TH/s. F2pool is the second largest Ethereum (ETH) mining pool with 146.15 TH/s, followed by Poolin's hashrate of 114.33 TH/s. Leading Ethereum mining operation Ethermine.org controls 24.87% of the network hashrate, capturing 290 blocks of the last 1,000 ETH blocks found.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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