{"id":118745,"date":"2021-03-28T13:20:17","date_gmt":"2021-03-28T13:20:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118745"},"modified":"2021-03-28T13:20:17","modified_gmt":"2021-03-28T13:20:17","slug":"ethereums-hashrate-reaches-new-ath-fueling-eth-price-recovery","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereums-hashrate-reaches-new-ath-fueling-eth-price-recovery\/","title":{"rendered":"Ethereum's Hashrate Reaches New ATH Fueling ETH Price Recovery"},"content":{"rendered":"
According<\/span> to on-chain data analytics provider, Glassnode, Ethereum\u2019s Hash Rate just reached an all-time high (ATH) of 532,411,759,741,113. As a Proof-of-Work (PoW) network, the hashrate is a measure of the processing power of the Ethereum blockchain. The hashrate specifically helps determines the number of times the network can attempt to complete a difficult mathematical puzzle every second, in order to add blocks of verified transactions to the blockchain.<\/span><\/p>\n The increasing hashrate as seen helps measures the network\u2019s health, as the higher this rate, the greater the number of miners that will be needed to launch a 51% attack on the system, a highly unlikely situation. <\/span><\/p>\n Amidst the growing clamor for alternatives to Ethereum\u2019s skyrocketing transaction fees, the burgeoning hashrate is an anchor for the network\u2019s core believers.<\/span><\/p>\n<\/blockquote>\n Implications of the Increasing Hashrate on ETH Price<\/b><\/p>\n The global cryptocurrency industry has a lot of factors that affect its growth per time, and while Ethereum is just one of many, the hashrate growth adequately coincides with a rise in the price of the digital currency.<\/span><\/p>\n On average, Ethereum traded at around $1,650 in the past week, joining to fuel an aggressive dip in the global 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 <\/span>according<\/span> to CoinMarketCap.<\/span><\/p>\n Ethereum\u2019s recovery is a well-backed one, and though there is a bit of correlation with Bitcoin, Ethereum bulls are confident in the positioning of the network as one of the most secure in the world. While awaiting the <\/span>implementation<\/span> of the EIP 1559 upgrade as well as the full <\/span>rollout<\/span> of the Ethereum 2.0, the future Proof-of-Stake (PoS) network, Ethereum bulls will continue to hang on positive on-chain metrics such as the hashrate growth amongst others to continually resist the bearish dump-off.<\/span><\/p>\n To keep track of DeFi updates in real time, check out our DeFi news feed Here. <\/p>\n\n