Influenced by the global financial market cryptocurrencies while losing blood Ethereum’s its processing power has experienced a new rise, and with it, a new ATH has occurred in the hash rate.
The hash rate of ETH rose to 1.137 TH/s on February 20. The previous record was broken on January 30, 2022 with 1.132 TH/s.
📈 #Ethereum $ETH Hash Rate just reached an ATH of 1,137,171,363,556,380
Previous ATH of 1,132,434,597,156,380 was observed on 30 January 2022
View metric:https://t.co/tgtxegUqBJ pic.twitter.com/4N2nBTCEMQ
— glassnode alerts (@glassnodealerts) February 20, 2022
The Ethereum hash rate has been on a steady rise after China banned cryptocurrency mining in the summer of 2021.
With China’s ban, huge losses were observed in the hash rate of almost all cryptocurrencies using the Proof of Work protocol.
ETH Mining Will Be Abandoned Soon
However, Ethereum developers recently announced that they will switch to the Proof of Stake protocol.
With the transition to the PoS system, ETH mining will come to an end. Miners will be replaced by validators and they will perform block discoveries.
Currently, all users can become a validator by sending ETH to the Ethereum staking contract. To become a validator, users must send 32 ETH to the contract in question and lock these cryptocurrencies.
Ethereum’s Market Performance
At the time of this writing, ETH price is following the general trend in the cryptocurrency world and is trading around $2,650. ETH, the world’s second largest cryptocurrency, has lost 17% of its value in four days.
Currently, ETH is hovering close to its September levels and is 45% lower than its all-time high price record set in November 2021.