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The etherhrate hashrate will increase by 30% by 2020

June 11, 2020

According to the Etherscan website, the hash rate of the Ethereum network (ETH) has increased by 30% since the early 2020s.

Ethereum works with a consensus system known as the “Proof of Work” Transactions are validated by miners who provide an enormous amount of energy to compete for a reward.

Ethereum’s network data show that network participants are optimistic about the project. since then, the network’s computing power has increased by 30% since the beginning of the year.

The etherhrate hashrate will increase by 30% by 2020The etherhrate hashrate will increase by 30% by 2020

The Ethereum hash rate has risen to the current level 187.369 GH / sThis indicates that mining companies are getting more involved before the upcoming Ethereum 2.0 release.

After the beginning of the year with approx 147.405 GH / s, The hash rate rose 10% almost immediately and since then it has continued with the same positive trend.

The more computing power is made available for a network, the more secure this network is. It is estimated that some are currently being spent $ 140,000 per hour to attack the Ethereum network.

This puts ETH in the second most secure network position of cryptocurrency projects and only loses against Bitcoin.

Although the BTC hash rate dropped after halving the network in May, The cost of a one-hour attack on the market-leading currency is more than $ 430,000.

Despite the surge, Ethereum is still far from reaching its all-time hash rate high. The high point was in August 2018 when the computing power consumed by the network was an impressive 300,000 GH / s.

Analysts believe the recent hash rate increase may have been caused by miners who want to maximize their computing power to take down the last few months of Ethereum prior to version 2.0 as the network wants to change its algorithm.

Ethereum is about to release version 2.0, which will change the network to the consensus form known as the “Proof of Stake”.

In this new system, new ETHs will no longer be mined with energy, but rather by blocking funds online.

In order to become a validator for version 2.0 of the network, a participant must assign at least 32 ETHs in an online wallet to receive the reward for new ETHs.

Although Vitalik Buterin, co-founder of the project, recently announced the release of various second-level scalability solutions, the exact release date of ETH 2.0 is not yet known.