Ethereum hash rate hits new all-time high

Ethereum hash rate hits new all-time high

Key facts:
  • The hash rate recovered from the drop it had in the middle of the year, breaking all records.

  • Also today, the price of ETH marked a new all-time high of $ 4,528.

It is not only bitcoin (BTC). Ethereum’s hash rate remains on the rise and hit a new all-time high this week, according to the graphs released by the firm Glassnode.

According to graphics of the company, the current hash rate of the network specialized in smart contracts is, at least, 766 terahashes per second (TH / s). Show a frank recovery since last June, when it reached a minimum of 455 TH / s.

The rise in network processing capacity coincides with the increase in the price of the second leading cryptocurrency in the market, which right now is around USD 4,328, according to the CriptoNoticias price calculator.

In practical terms, the increase in the hash rate means that there are more miners joining the network, as well as that they are adding new mining equipment, with greater power.

In fact, the following Glassnode chart shows that there was a major drop in the hash rate in the middle of the year, just as China rammed and banned mining of Bitcoin and other cryptocurrencies. Little by little it recovered and it can be inferred that, as with BTC, the Ethereum miners that were in China, have migrated to other latitudes and have resumed their activity.

Ethereum hash rate hits new all-time high
Ethereum’s hash rate rose to 766.44 TH / s at the cutoff on Nov. 1. Source: Glassnode

ATH week for Ethereum

In recent days, CriptoNoticias recorded the two historical highs in the price of ETH, reached in a matter of a week. The first was on October 21, when the cryptocurrency surpassed $ 4,366.09. 8 days later, it hit $ 4,400.

And, today, hours ago, the second leading cryptocurrency in the market registered a new all-time high, trading above USD 4,528, although it later corrected and remained stable above USD 4,450 according to the CriptoNoticias price calculator.

What was the reason for the increase? According to estimates, the new prices were reactions to Altair, the first ETH 2.0 update that went into effect on October 27. in several Latin American countries.

And it’s not just about the price. The number of Ethereum addresses with at least 1 ETH also hit a new all-time high, emerging market analytics firm Glassnode and this newspaper reported.

In its reports via Twitter, the analysis firm pointed out that, as of October 17, the number of addresses with at least 1 ether was 1.34 million, leaving behind the all time high (ATH) of last October 15.

Meanwhile, the realized price, which is the value of all the coins at the price they were bought divided by the quantity in circulation, arrived that day in the morning at USD 1,529.79. A new all-time high for the decentralized network, according to the same firm.

Confidence?

That appears to be the key word for Ethereum’s positive performance this year, consolidating its position as the second most important cryptocurrency, thanks in large part to the incursion of new institutional investors.

For example, the crypto-asset investment fund Grayscale Investments, obtained the approval of the Financial Industry Regulatory Authority (FINRA) of the United States, to add the Grayscale Ethereum Trust (ETHE) index to its product portfolio, with a cost per 0.09662399 ether share. The new product implies more coverage for ether between institutional and individual investors.

And to that is added the increasingly regular applications for exchange-traded funds (ETFs) based on Ethereum, which have represented a bastion for the growth of the network.

Bitcoin hash rate also on the rise

The increase in the hash rate is also something that Bitcoin, the pioneer cryptocurrency, is experiencing, which last week reached its levels of May, almost completely surpassing the hard blow inflicted by China. with its prohibition.

As we recorded in this newspaper, the Bitcoin hash rate was on its way to a new all-time high, when, as of October 28, it was around 172,713 exahashes per second (EH / s) in BitInfoCharts data.

See also  Bitcoin hash rate returns to May levels and points to a new all-time high

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