Ethereum's Hashrate Has Peaked At 252 TH/S

By Ray Crawford·7 October 2020·1 min read

Key Points

Ethereum's computational power surged 80% through 2020 and exceeded the record highs set in August 2018.
On October 6, the network processed 252 terahashes per second, according to Glassnode.

Ethereum's computational power surged 80% through 2020 and exceeded the record highs set in August 2018. On October 6, the network processed 252 terahashes per second, according to Glassnode. This marked the highest hash rate the blockchain had reached in over two years. The blockchain peaked at 246 TH/s in August 2018. In early January 2020, the hash rate sat at 139 TH/s, a fraction of where it stands today.

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The surge reflected explosive growth in Ethereum's activity. The DeFi sector boomed through summer and fall. Traders chased yield farming opportunities, flooding Ethereum-based protocols with transactions. Transaction volume soared. Gas fees reached all-time highs.

Ethereum miners thrived. The network's miners collected $166 million in transaction fee revenue during September alone. Bitcoin miners, on the largest cryptocurrency network, earned $26 million in fees that month. Ethereum miners earned three times the fee revenue that Bitcoin miners generated.

Individual miners experienced a profit gap as well. Bitcoin miners earned about $4.33 per day per device, F2Pool reported. Ethereum miners pulled in $15.00 per device daily. Ethereum mining was more than three times as profitable.

Ether's price has not recovered since dropping below $400 on September 4. As of now, ETH/USD trades around $340, down roughly 3% from the prior day.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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