As data from Etherscan show the processing power of the Ethereum network reached a new all-time high on September 12, hitting 715.4 terahash/second.
On May 21, China State Council cracked down on crypto mining operations. That resulted in the decline of BTC and Ether miners moving to other countries and , the hashrate started to. speed up.Ethereum mining continues to be profitable as there is a high demand for the network such as NFT minting with high fees.
The growth is significant especially taking into account that the Ethereum blockchain mining mechanism underwent changes recently. On August 5, Ethereum Improvement Proposal (EIP) 1559 was launched. It changed the way transaction fees are calculated. Now users must bid an amount they're ready to pay the miner for picking their transaction.