The computing power on the Ethereum network has been growing steadily since January 2020.
According to the Glassnode team, the hash rate jumped 80% in the first nine months of this year, exceeding 250 terahesh per second (TH / s). Researchers have linked the record high miner activity to the emerging market for decentralized finance DeFi.
The demand for transactions is growing, which makes Ethereum mining very profitable. At the same time, there is a rapid increase in online transaction fees. Since April, the cost of one transaction has increased by more than 500%.
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If you look at the data of the F2Pool mining pool, you will notice that now it is much more profitable to mine Ether (ETH) than to engage in Bitcoin mining.
The last time such a high hash rate was observed on the Ethereum network was in August 2018. However, we note that by December 2018, this figure had dropped to a minimum amid falling ether prices below $ 100.
Today, the largest altcoin is trading just above $ 330.