The speed of mining a new ETH token reached its all-time high yesterday, leading to higher profitability for miners.
Miner Revenue Takes A Spike
The hash rate of the Ethereum blockchain network hit an all-time high of 909,842.38 on Dec.7, according to Etherscan.
For any blockchain, hash rate is a measure of the computational power per second used while mining a new token on the blockchain. Essentially, it is the speed of mining tokens on the network. The higher the hash rate, the higher the profitability for a cryptocurrency miner on the network.
This is the first time that the hash rate on the Ethereum network has surpassed the 900,000 levels. The hash rate has more than tripled this year from less than 300,000 at the start of this year.
In November, the mining revenue on the Ethereum network outpaced that on the Bitcoin network. This phenomenon has been for seven straight months till November, with the mining revenue in December on Ethereum looking to be higher in December due to the spike in the hash rate.
As previously reported by BSC News, the gas fees on the network multiplied threefold in 2 days in early October this year.
What is Ethereum?
Ethereum is the most utilized blockchain amongst DeFi protocols. The blockchain network was invented by Vitalik Buterin in 2015. Initially, it was the only network available for several DeFi protocols to deploy their decentralized applications (dApps) in a reliable and secure manner. However, since then, many blockchain networks like Binance Smart Chain (BSC) and Polygon have been high utility in DeFi as well. The total value locked (TVL) in DeFi protocols on the network is $162.1 billion, as per data from DeFiLlama.
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Source : bsc.news
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