The quantity of computing power on the Ethereum network is presently at all-time high following weeks of volatility in key metrics on the blockchain.
In line with recent data revealed from on-chain analytics provider Glassnode, the Ethereum hash rate hit an all-time high of over 250 TH/s earlier on 6th Oct., marking an 80% rise since January. Glassnode reported that a surge within the hype surrounding DeFi projects this year sparking higher gas fees may have contributed to the metric reaching an all-time high.
F2Pool, that calculates mining profitability by determining present revenue and deducting the value of power, reports that BTC Antminer S19 Pro miners can earn $4.33 USD in profits over 24 hours, while ETH miners using GTX TitanV 8 cards can make profits up to $15.56 USD over the same period of time – making it 259% more profitable than BTC. Six of the mining rigs monitored by F2Pool show Ethereum miners show a daily profit of over $10 USD, while solely two Bitcoin mining rigs have profits of over $4 USD.
Hash rate is a key metric when determining the health and security of a blockchain. It measures the computing power of the network. The last time the Ethereum hash rate was near these all-time high levels was earlier in the month of August 2018, when the metric reached 246 TH/s. However, the worth of the token steadily decreased from over $400 USD to under $100 USD by December within that year.
Various other metrics of the Ethereum network might also be incentivized miners to settle on the network over Bitcoin.
A surge in DeFi including stablecoin growth drove transaction fees on the Ethereum blockchain to all-time highs in Q3. Data from Glassnode reveals that Ethereum miners made $166 Mln from transaction fees alone earlier in September. Comparatively, Bitcoin miners earned only $26 Mln from fees over the same period of time.