As the Ethereum community prepares for The Merge, which represents the blockchain’s full transmission from proof of work (PoW) to proof-of-stake (PoS) consensus mechanism, miners are busy minting ETH on the network like never before. This is revealed via the massive surge of Ethereum hashrate on 7th April 2022.
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Ethereum (ETH) Hashrate Hits All-Time High
This year, the Ethereum blockchain is expected to fully transition to the PoS network via The Merge. The upgrade implies that miners will no longer be needed on the network. Although it is unclear how smoothly the transition will play out, Ethereum miners are currently minting blocks at a very high rate.
According to the 3-month hashrate chart shared by coinwarz.com, on 7th April, Ethereum hashrate saw a high of 1.131 petahash per second (PH/s). While on 9th January, the network’s hashrate rose above the 1.032 PH/s zone, indicating a 13% surge in hashpower within a few months, after attaining a single petahash.
Exponential Growth of Ethereum Hashrate Since 2016
Ethereum’s hashrate has grown substantially since 21st 2016 when the hashrate was relatively 1.51 terahash per second (TH/s). The current hashrate indicates that it has increased 74,800% within the last six years.
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In recent times, Ethereum’s daily mining rewards have surpassed that of Bitcoin. On 9th April 2022, Ethereum’s 24-hour mining revenue was 16% higher than Bitcoin’s. On that day, Ethereum recorded $88.8 million, while Bitcoin accrued $76.4 million.
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