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During this week's crypto market meltdown, Ethereum hashrate reaches

16-May-2022 By: Shikha Jha
During this week's c

During this week's crypto market meltdown, 

the Ethereum hashrate reaches an all time high.

With the Bitcoin network's mining difficulty reaching a lifetime high of 31.25 trillion and Ethereum's hashrate achieving an all-time high (ATH) of 14,770,231, Ethereum's hashrate reached an all-time high on May 13 at a block height of 14,770,231. Miners continue to devote enormous amounts of processing power to the second-largest cryptocurrency network in terms of market capitalization.

The Hashrate of Ethereum Continues to rise. 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 a block height of 14,770,231.

On that day, the network reached 127 petahash per second (PH/s), and the processing power is currently running at 1.18 PH/s. Miners have been working on 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 per cent since June 28, 2021, from 0.526 PH/s to 1.18 PH/s today. Furthermore, Ethereum's hashrate has increased by 725.17 per cent 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 mega-hash per second (MH/s) can make $36.66 per day using today's ether exchange rates.

F2pool is the second-largest ether mining pool, with 155.35 TH/s, and Poolin is the third-largest Ethash mining pool, with 121.69 TH/s. (118.59 TH/s), (67.36 TH/s), and (59.77 TH/s) are some major 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.

However, after The Merge completes the transition, miners mining ether will be unable to hash on the Ethereum network because the chain will be 100% PoS. The Merge will most likely be delayed until the third quarter of 2022, according to Ethereum engineer tim beiko. Beiko went on to say that he "highly advises against investing in mining equipment at this time."

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