The quantity of computing energy on the Ethereum community is presently at an all time excessive following weeks of volatility in key metrics on th
The quantity of computing energy on the Ethereum community is presently at an all time excessive following weeks of volatility in key metrics on the blockchain.
In response to information from on-chain analytics supplier Glassnode, the Ethereum hash fee hit an all time excessive of greater than 250 terahashes per second (TH/s) on Oct. 6, marking an 80% rise since January. Glassnode reported {that a} surge within the hype surrounding DeFi initiatives this yr sparking greater gasoline charges could have contributed to the metric reaching an all time excessive.
#Ethereum hash fee hits an ATH.
Ethereum miners have pushed the hash fee to a brand new file excessive within the wake of the #DeFi hype and surging charges.
It crossed 250T/s and is now up 80% for the reason that starting of the yr.
Reside chart: https://t.co/tDWUOcGLSV pic.twitter.com/x9vNicblrA
— glassnode (@glassnode) October 6, 2020
As well as, information from crypto mining pool F2Pool reveals that it’s presently as much as thrice as worthwhile to mine Ethereum (ETH) as a substitute of Bitcoin (BTC).
F2Pool, which calculates mining profitability by figuring out present income (block reward and transaction charges) and deducting the price of energy, reviews that BTC Antminer S19 Professional miners can earn $4.33 in income over 24 hours, whereas ETH miners utilizing GTX TitanV eight playing cards can count on $15.56 over the identical interval — making it 259% extra worthwhile at current. Six of the mining rigs monitored by F2Pool present Ethereum miners present a day by day revenue of greater than $10, whereas solely two Bitcoin mining rigs have income of greater than $4.
Hash fee is a key metric when figuring out the well being and safety of a blockchain. It measures the computing energy of the community. The final time the Ethereum hash fee was close to these all time excessive ranges was in August 2018, when the metric reached 246 TH/s. Nevertheless, the worth of the token steadily decreased from greater than $400 to underneath $100 by December that yr.
Numerous different metrics of the Ethereum community could also be incentivize miners to decide on the community over Bitcoin.
A surge in DeFi coupled with stablecoin development drove transaction charges on the Ethereum blockchain to all-time highs in Q3. Information from Glassnode reveals Ethereum miners made $166 million from transaction charges alone in September. In distinction, Bitcoin miners earned solely $26 million from charges over the identical interval.
Nevertheless, earnings from transaction charges have dropped considerably extra lately. Cointelegraph reported that common ga charges have dwindled since peaking at $11.60 on Sept. 17th to $2.98 on Oct. 1, a decline of greater than 74% in two weeks.