- ETH hash rate reaches all-time high
- Mining is now 3 times more profitable than BTC
- Ethereum’s hash rate has broken the 250 TH/s barrier
Ethereum News Today – the total amount of computing power on Ethereum’s network is now at an all-time high position after many weeks of volatility in the network’s key metrics. According to data by the on-chain analytics firm Glassnode, Ethereum’s hash rate reaches an all-time high position of 250 TH/s (terahashes) per second on October 6. This marks an 80% increase since January.
Glassnode also reported that the surge in the hype about DeFi protocols this year sparked higher gas fees. This may have also contributed to the above metrics reaching an ATH. Additionally, data given by crypto mining pool F2Pool indicates that it is now about three times more profitable to mine the Ethereum network instead of Bitcoin.
Ethereum Miners Daily Profit is More Than $10
F2Pool calculates mining profitability by finding the current revenue (or block rewards and transaction fees). After which it deducts the cost of power. F2Pool claims that BTC Antminer S19 Pro miners could earn up to $4.33 in profits in the next 24-hours. The pool also claims that ETH miners using the GTX TitanV 8 cards could expect to earn $15.56 in the same period. This means it is 259% more profitable to mine on ETH. Six of the mining rigs under F2Pool’s radar shows that Ethereum’s miners bring in a daily profit of $10.
Meanwhile, just two Bitcoin mining rigs indicate profits of $4 and higher. Note that the hash rate is the key metric for determining the security and health of a Blockchain network. It measures the network’s computing power. The last time Ethereum’s hash rate reached such a high position was in August 2018. At the time the metric reached 246 TH/s. But the price of the digital asset has decreased from $400 to $100 by December 2018.
Different Metrics on Ethereum May Make Miners Prefer it
There are various other metrics of Ethereum’s network that may incentivize miners to choose it over Bitcoin’s Blockchain. An improvement in DeFi apps alongside the stablecoin growth reportedly drove the transaction fees on Ethereum’s Blockchain to new all-time highs in quarter three of this year.
According to data from Glassnode, Ethereum’s miners made a whopping $166 million in transaction fees in September alone. Meanwhile, in the same period, Bitcoin’s miners earned just $26 million from transaction fees. However, the earnings from transaction fees on the ETH networks have dropped significantly recently. Recall a previous report that the average gas fees have dropped since reaching the peaking position of $11.60 on September 17. It dropped to $2.98 on October 1 and this is a 74% decline in just two weeks.