After hitting an all-time high (ATH) in May, Ethereum’s hash rate broke records again, hitting 132 petahash per second (PH/s) on Saturday, June 4. Currently, Ethereum’s hash rate is at 129 PH/s and the network’s top mining pool, Ethermine, controls 0.24% of the network’s hash rate.
Ethereum hashrate hits record high this year
On June 2, Bitcoin.com News reported on the top five mining pools that retained over 71% of Bitcoin’s hash rate in May. BTC’s hash rate at the time roughly averaged around 200 exahash per second (EH/s), with 16 known mining pools mining the leading cryptoasset.
In May of last year, approximately 1.03% of Bitcoin’s computing power came from stealth miners, with processing power utilizing ATH at block height 734,577 on May 2, 2022. Ethereum’s hash rate also hit ATH during the Terra LUNA and UST radiation in May, mining 127 PH/s at block height 14,770,231.
About 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 that account for the majority of the network’s hashrate — over 70% as the top five commands — Ethereum has 78 pools dedicated to the chain.
Ethereum’s top mining pool, Ethermine, commands 296.69 terahashes per second (TH/s), and the second largest mining pool, F2pool, captures 151.46 TH/s. After Ethermine and F2pool are Poolin, Hiveon and 2miners. Among the top five Ethereum mining pool metrics, the combined pool generates 0.745% of Ethereum’s global hash rate.
Data on Saturday showed Ethereum’s hashrate hitting 132 PH/s as the hashrate metric crosses yet another ATH in 2022. The ATH occurred at block height 14,902,285, which is 3.93% higher (127 PH/sec) than the ETH hashrate metric recorded on May 13 and May 30.
The record high this year is that as The Merge approaches, the network will fully transition to a proof-of-stake (PoS) blockchain protocol. Once the transition is complete, the 78 mining pools that supply the Ethereum chain will need to mine another network.
ETH miners can choose from a variety of crypto networks, including ethereum classic (ETC), ubiq (UBQ), musicoin (MUSIC), callisto (CLO), and quarkchain (QKC). At the time of writing, Ethereum’s consensus algorithm, Ethash, is the most profitable, followed by consensus algorithm Kadena in terms of profitability.
Additionally, three other consensus algorithms are more profitable than SHA256 (BTC’s algorithm), including Scrypt, X11, and Cuckatoo32. However, after The Merge, the consensus algorithm Ethash may drop from the most profitable algorithm to mining that removes the mining power of Ethereum (ETH).
What do you think of Ethereum’s hash rate reaching a new all-time high on Saturday? Let us know what you think about this topic in the comments section below.
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