The network’s mining power has already grown 115% in 2021
Ethereum’s hashrate hit the highest level in history on Wednesday (25) when it surpassed the 600 terahashes per second mark, according to data from The Block. The old record, of 597 TH/s, had been registered in mid-May.
The hashrate rate represents the amount of computational power borrowed from the development of Ethereum blockchain to validate transactions. The higher the number, the more secure, decentralized and faster the network becomes. In 2021 alone, the growth was 115%.
The new record reflects a broad movement of market recovery after the correction moments seen in previous months. Bitcoin, for example, has seen its mining power triple in just two months — unlike ETH, BTC has not yet been able to surpass April’s highs.
What helps the computational power to grow in the case of Ethereum is the huge flurry being seen on the net in recent days, caused by renewed hype around non-fungible tokens ( NFT ).
OpenSea, one of the industry’s top NFT markets, hit a new record on Monday (23) with a daily volume of $194 million, according to Dune Analytics . Visa helped boost the moves that day after buying a CryptoPunk NFT for R$900,000 .
Ethereum’s new historic level of hashrate proves that miners remain confident that the activity will profit despite an initial fear of falling revenue caused by hard fork London.
The EIP-1559 improvement introduced to the network earlier this month meant that all ether used to fund transactions was burned instead of going to the miners, as was done before.
Even losing this source of revenue, ETH mining remains profitable. According to data from The Block, last week miners were able to earn $65 million in a single day, the highest daily revenue seen since May.