Ethereum’s hashrate has risen to an all time high, nearing 700 terahashes per second (TH\/s) after crossing the high of 632 TH\/s reached in May as pictured above.<\/p>\n
Following some turbulences while China kicked out miners this summer, with eth’s hash falling to 595 TH\/s, it now appears to have more than recovered as it sets a new high.<\/p>\n
That’s because price has significantly recovered too, reaching a recent high of $4,000 before currently trading at about $3,300.<\/p>\n
That’s while some $25 billion worth of some 7.5 million eth is now locked in the staking contract, with it so nearing 10% of eth’s total supply.<\/p>\n
About \u25ca266,000 of it, or close to $1 billion, has now been burned just over a month since EIP1559 kicked in this August.<\/p>\n
While ranked defi now holds some $75 billion in assets, with L2 eth protocols holding close to $1 billion in eth and other ethereum based assets.<\/p>\n
Finally the new invention of NFTs has taken off too, seeing significant growth that has fed into eth as NFT platforms become the biggest users of the network.<\/p>\n
All this has combined to make eth mining a lot more profitable despite a reduction in revenue due to fees being burned rather than rewarded to miners.<\/p>\n
And as these are mainly eth specific factors, its ratio gains means ethereum gets to reach a new all time high in hashrate, while bitcoin is yet to do so, although it has significantly recovered since the summer low.<\/p>\n