While the Ethereum community is getting prepared for The Merge and the protocol’s transition to a full proof-of-stake (PoS) system, the network’s hashrate reached an all-time high (ATH) on April 7, 2022. On Thursday, Ethereum’s hashrate reached a high of 1.131 petahash per second (PH/s), jumping 13% in 89 days.
Ethereum’s Hashrate Climbs 13% Higher Since the First Week of January
The Ethereum blockchain is expected to transition into a full proof-of-stake (PoS) network this year via The Merge. It’s unclear how smoothly that transition will go and for now, ethereum (ETH) miners are minting blocks as fast as they can.
The three-month hashrate chart via coinwarz.com shows that Ethereum’s hashrate captured a high of 1.131 petahash per second (PH/s) on April 7, 2022. On January 9, 2022, Ethereum’s network hashrate rose above the 1.032 PH/s zone. This means over two months, after reaching a single petahash, the network has seen a 13% increase in hashpower.
Ethereum’s hashrate has grown exponentially since March 21, 2016. On that day, the hashrate was roughly 1.51 terahash per second (TH/s) or 1,510,000,000,000 hashes per second (H/s). Today’s Ethereum hashrate at 1.131 PH/s, or 1,131,000,000,000,000 H/s, is 74,800% higher than it was six years ago.
In recent times, Ethereum’s daily mining rewards have outpaced Bitcoin’s 24-hour mining rewards as well. On April 9, 2022, Ethereum’s daily mining revenue of $88.8 million is 16% more than Bitcoin’s $76.4 million in daily rewards.
Ethermine.org Commands Top Pool Position, Innosilicon’s A11 Is Top Ether Mining Rig
On Saturday morning (ET), the mining pool Ethermine.org is the network’s top mining operation with 281.29 TH/s of hashpower. F2pool is the second-largest ethereum (ETH) mining pool with 146.15 TH/s, and is followed by Poolin’s hashrate of 114.33 TH/s.
The top three ethereum mining pools are followed by Hiveon, 2miners, Flexpool, Antpool, Nanopool, Mining Pool Hub, and Ezil, respectively. The top ether mining operation Ethermine.org commands 24.87% of the network’s hashrate, capturing 290 blocks of the last 1,000 ETH blocks found.
The top mining rig this weekend in terms of profit is the Innosilicon A11 Pro ETH miner with 1,500 megahash per second (MH/s), or 1.5 gigahash per second (GH/s). The A11 Pro, using current ether exchange rates and $0.12 per kilowatt-hour of electricity, will produce $69.32 per day in profits. Meanwhile, the Innosilicon A10 Pro+ ETH miner with 750 MH/s can get around $34.15 per day in ether profits.
Rumor has it that Bitmain will launch an Antminer called the E9 with 3 GH/s in power. However, E9 rumors have been discussed for a long time and the alleged machine has not seen the light of day. If it were to exist, the 3 GH/s of eth hashpower would produce $144.81 per day in profits.
What do you think about Ethereum’s hashrate tapping an all-time high as miners race to find blocks before The Merge takes place? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.