With the Bitcoin network’s mining difficulty reaching a lifetime high of 31.25 trillion on May 13, Ethereum’s hashrate reached an all-time high on May 13, at a block height of 14,770,231. Miners continue to devote significant amounts of processing power to the second-largest crypto network in terms of market capitalization.
Proof-of-work (PoW) ethereum miners are working harder than ever to mine the cryptocurrency before the Merge. While the majority of the focus this week was on the Terra blockchain breakdown, Ethereum’s hashrate reached an all-time high (ATH) on May 13, 2022, at block height 14,770,231.
That day, the network achieved 127 petahash per second (PH/s), and the processing power is currently running at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and will continue to do so until the network transitions to proof-of-stake (PoS).
Ethereum’s hashrate has increased by 124.33 percent since June 28, 2021, from 0.526 PH/s to 1.18 PH/s today. Furthermore, Ethereum’s hashrate has increased by 725.17 percent since March 25, 2019. Since the crypto market crash, Ethereum miners have made a lot of money, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can make $36.66 per day using today’s ether exchange rates.
A miner with 750 MH/s can earn $17.82 per day in ether profits, whereas a miner with 500 MH/s can earn roughly $11.71 per day. With 303.12 TH/s of computational power, Ethermine.org is now the largest ethereum mining pool.
F2pool is the second-largest ether mining pool with 155.35 TH/s, and Poolin has the third-largest share of Ethash with 121.69 TH/s. hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s) are three other prominent ethereum mining operations.
More than 80 mining pools or businesses use the proof-of-work (PoW) method Ethash to dedicate hashrate to the Ethereum network. Up until The Merge, it’s likely that ethereum miners will continue to devote hashrate to the blockchain.
After The Merge completes the shift, miners mining ether will be unable to hash away at the Ethereum network since the chain will be 100% PoS. Tim Beiko, an Ethereum engineer, statedl. 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.”