Following the all-time high (ATH) recorded in May, Ethereum’s hash rate once again broke records on Saturday, June 4, reaching 132 petahashes per second (PH/s). Currently, the Ethereum hash rate is hovering at 129 PH/s, with the network’s top mining pool Ethermine accounting for 0.24% of the network’s hash rate.
Ethereum hashrates hit another record high this year
On June 2, Bitcoin.com News reported that the top five mining pools held more than 71% of Bitcoin’s hash rate during May. BTChash rates were roughly averaging around 200 exahashes per second (EH/s) at the time, with 16 known mining pools mining the key crypto asset.
Last May, about 1.03% of Bitcoin’s hash rate came from stealth miners, and processing power tapped ATH on May 2, 2022, with a block height of 734,577. Ethereum hash rates also reached ATH in May during the Terra LUNA and UST fallout, recording 127 PH/s with a block height of 14,770,231.
Nearly two weeks later, Ethereum’s hash rate reached 127 PH/s again on May 30 with a block height of 14,874,537. While Bitcoin has 16 known mining pools accounting for the majority of the network’s hash rate (as the top five account for over 70%), Ethereum has78 mining pools; 78 poolsare devoted to the chain.
Ethermine, Ethereum’s top mining pool, earns 296.69 terahashes per second (TH/s), while F2pool, the second largest pool, earns 151.46 TH/s. After Ethermine and F2pool, Poolin, Hiveon and 2 miners followed. Of the top five Ethermine pool metrics, the combined pools generated 0.745% of Ethereum’s global hash rate.
Saturday’s data showed that Ethereum’s hash rate reached132 PH/s, which is the highest ever recorded for a block high of 14,902,285 and the highest ever recorded for a petahash per second (PH/s) of 14,902,285.reached 132 PH/sas the hash power metric again tapped another ATH in 2022. This ATH occurred at a block height of 14,902,285 and was 3.93% higher than theETHhash rate metric recorded on May 13 and May 30 (127 PH/s).
This year’s record high comes as The Merge approaches and the network is fully transitioned to the Proof-of-Stake (PoS) blockchain protocol. Once the transition is complete, the 78 mining pools that have dedicated hashing power to the Ethereum chain will have to mine a different network.
There are many crypto networks. eth miners can choose from ethereum classic (etc), ubiq (ubq), musiccoin (music), callisto (CLO), quark chain (qkc and others to choose from. At the time of this writing, Ethash, the consensus algorithm for Ethereum, is the most profitable, followed by Kadena, the consensus algorithm, in terms of profitability.
Additionally, there are three consensus algorithms that are more profitable than SHA256 (BTC‘s algorithm): Scrypt, X11, and Cuckatoo32. However, after The Merge, consensus algorithm Ethash will likely drop from the most profitable algorithm for mining with the removal of the Ethereum (ETH
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