A tentative date for The Merge has been filled in by the developers, and even though there is a good chance it will be delayed again, Ethereum hash rates have decreased 26.26% over the past 45 days The hash rate has decreased by 26.26% over the past 45 days. 18.21% of the hash rate decline has occurred since June 30, with Ethereum’s global hash rate dropping from 1,190 terahash per second (TH/s) to 973.27 TH/s today. While Ethereum’s hash rate declined, the Ethereum Classic hash rate surged 12.07% higher in the last two days, but the terahash added was much less than the hash rate that left Ethereum over the last few weeks.
Ethereum hashrate and mining revenue slid, losing 217 TH/s since Ethereum’s highest ever hashrate
A few days ago, on July 16, 2022, Bitcoin.com News reported that The Merge could be implemented on September 19, 2022, although the timeline is not final. Software developer Superphiz shared a “planned timeline” last week that set a tentative date for Ethereum’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) agreement model.
The developer emphasized that no date has been finalized, but he also remarked that it is “very exciting” to see the transition coming together.The Merge’s proposed date fueled the value of Ethereum (ETH)against the USD, but at the same timeincreased the ETHfee by more than $1 per transfer, at a time when transaction fees were low.
Interestingly, the hashrate ofETHhas also dropped, just as The Merge’s ostensible date was scheduled last week by the developers ofETHjust as the developers of ETHwere made Pennsylvaniahash rate has also dropped. Overall, Ethereum’s computing power began to slide 44 days ago after reaching an all-time high (ATH)of 1,320 TH/s or 1.32 petahash per second (PH/s) onJune 4 with a block high of 14,902,285.
Since then,ETH‘s global hash rate has declined 26.26%, with the largest decline in the past six months occurring on June 30. Ethereum’s hash rate fell from 1,190 TH/s to the 973 TH/s range, or 18.21% below the 1 PH/s. When Ethereum finally transitions from PoW to PoS, PoW miners will either dedicate their Ethash hash power elsewhere or will have to stop mining. It is assumed that the majority of
PoW miners in ETHwill simply mineEthereum Classic (ETC). since the two networks share the same Ethash algorithm. It can be assumed that the recent 12.07% hash rate increase in ETCcan be attributed toETHminers, whereas ETH miners, however,ETHlost 217 TH/sETConly gained 2 TH/s. ETConly gained 2.11 TH/s.
It is definitely easier to assume that 217 TH/s were shut off over the lack of gains from
ETH’s fiat value dropped last month, and it is definitely more likely that 217 TH/s were shut off. Ethereum miners are not making the kind of profits they once did a few months ago: on May 7, 2021,; ETHminers made $93.16 million in 24 hours; on January 5, 2022,ETHminers made85.38 million in 24 hours dollarsin 24 hours. Today, more than half of that revenue is gone, and in the last 24 hours, miners earned $43.23 million.
Ethash is still the most profitable consensus algorithm today, as the new Bitmain Antminer E9 at 2.4 gigahashes per second earns an estimated $56.49 per day. Compare that to Bitmain Antminer S19 XP at 140 TH/s, one of the most profitable bitcoin miners today, earning $5.17 per day.
statistics show that there are 78 listed mining pools miningETHtoday. There are 78 listed mining pools mining ETHtoday, indicating that Ethermine.org is thelargest minerin terms of hash rate Ethermine.org commands 260.20 TH/s of today’s 973 TH/s. The remaining 712.8TH/s comes from dozens ofETHpools, with ETHpools mining ether daily.
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