According to on-chain data analytics supplier, Glassnode, Ethereum’s Hash Rate simply reached an all-time high (ATH) of 532,411,759,741,113. As a Proof-of-Work (PoW) network, the hashrate is a step of the processing power of the Ethereum blockchain. The hashrate particularly helps identifies the number of times the network can try to complete a hard mathematical puzzle every 2nd, in order to include blocks of verified transactions to the blockchain.
The increasing hashrate as seen helps steps the network’s health, as the higher this rate, the higher the variety of miners that will be required to introduce a 51% attack on the system, a highly not likely situation.
Amidst the growing demand options to Ethereum’s increasing deal costs, the growing hashrate is an anchor for the network’s core believers.
Implications of the Increasing Hashrate on ETH Price
The international cryptocurrency industry has a lot of elements that affect its growth per time, and while Ethereum is just among lots of, the hashrate growth properly accompanies an increase in the cost of the digital currency.
Usually, Ethereum traded at around $1,650 in the previous week, signing up with to sustain an aggressive dip in the worldwide cryptocurrency market capitalization. After dropping to a weekly low of $1,560.37, the coin is now exchanging hands at $1,710.43, up 2.32% at the time of writing according to CoinMarketCap.
Ethereum’s recovery is a well-backed one, and though there is a little correlation with Bitcoin, Ethereum bulls are positive in the positioning of the network as one of the most secure on the planet. While waiting for the implementation of the EIP 1559 upgrade along with the full rollout of the Ethereum 2.0, the future Proof-of-Stake (PoS) network, Ethereum bulls will continue to hold on positive on-chain metrics such as the hashrate growth among others to continually withstand the bearish dump-off.
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