Despite the fact that the crypto market continues to register a fall, the Ethereum hash rate continues to break records. Last week, it hit an all-time high as miners rush to work before the network moves to PoS.
Ethereum Proof of Work (PoW) miners are working harder than ever before to mine as much ETH as possible before The Merge. While the main focus was on the fall of the cryptocurrency market, on May 13, 2022, the Ethereum hashrate reached an all-time high with a block height of 14,770,231. On that day, the network speed reached 127 petahashes per second (PH/s). Miners have been hashing away at the Ethereum network and plan to do so up until the network's proof-of-stake (PoS) transition.
According to Bitcoin.com, Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Also, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the PoW algorithm Ethash. It’s likely that Ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.
However, Ethereum miners will not be able to hash on the Ethereum network after The Merge completes the transition, as the chain will be fully PoS. Ethereum developer, Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.”
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