Ethereum’s hash rate reached 966 TH / s this Tuesday, at a time when the price is around the US
Yesterday Monday, the Ethereum mining difficulty also marked an ATH, of 12.68 T.
The difficulty of mining Ethereum (ETH) reached a new historical maximum (ATH) this Tuesday, of 12.69 T, which represents a growth in the number of miners connected to the network and, therefore, power of processing on the second most important blockchain on the market.
According to blockchain analytics firm Glassnode, the Ethereum network overcame, with this record, the trademark registered yesterday, Monday, January 3, 2022, when another ATH also broke. In company figures, yesterday the difficulty, which is an element of the Proof of Work (PoW) algorithm, climbed to 12.68 T.
By definition, the difficulty of mining measures how complex is the mathematical problem that miners must solve to find the identification of a block and mine it, activity with which they obtain rewards, in this case, in ethers.
The difficulty of ETH mining responds to the protection of the network itself, which before the arrival of more miners, it makes the activity more difficult, as an issuance policy that keeps the blockchain safe. This, at the same time, translates into more competition for miners..
ETH mining still has a long way to go Likewise, it shows that ETH mining still has a long way to go before it ceases. It is to remember that before reaching Ethereum 2.0, The Merge must occur, which involves a transition from the PoW algorithm to the Proof of Stake (PoS) algorithm. At that point, the difficulty bomb will explode, literally limiting ETH mining and putting the network into a sort of ‘ice age’, ending once the switch is complete.
But the bomb blast was postponed. According to what CriptoNoticias reported, at the beginning of December the Arrow Glacier fork of the Ethereum network arrived, which meant another postponement for the difficulty bomb and that meant that Ethereum mining will continue for a few more months.
In detail, the network upgrade, Arrow Glacier, brought with it the upgrade proposal or EIP 4345, the only point of which was the delay of the ETH mining difficulty bomb until June 2022.
In fact, that news coincided with what Vitalik Buterin, co-creator of the network, said. At the time, he warned that Ethereum 2.0 [que promete tarifas más bajas], it would take at least one more year. In a roadmap published by the Russian-Canadian developer, it was announced that, in order to produce the long-awaited merger, there are still several stages and modules to be finished, fact reviewed by this means.
Ethereum hash rate, also with ATH
As the difficulty of ETH mining rises, the same does the hash rate, or computing power to extract cryptocurrencies in this network. Both indicators are correlated and when the hash rate goes up and stays up, the difficulty (which is periodic) eventually increases.
According to the data shown by YCharts, right now, the hash rate is about 960 terahashes per second (TH / s).
In detail, the hash rate is 966.97 TH / s, a figure never seen before for this indicator, which denotes the increase in the number of miners connected and mining ethers.
This coincides with the Bitcoin network, the main blockchain network in the market, which also opened the year with all-time highs in computing power, as reported by CriptoNoticias.
However, and although the difficulty of ETH mining and the hash rate are on the rise, its price does not operate the same. This Tuesday, it is struggling to stay above $ 3,800, as our Price Calculator shows. About a thousand US dollars below its last all-time high.
Bitcoin mining difficulty, a roller coaster
Not everything is Ethereum. In CriptoNoticias we reviewed at the beginning of December that the difficulty of Bitcoin mining had fallen 1.5%, compared to July. The difficulty adjustment, which occurs every 2016 blocks, only rose nine times in a row and with the fall, it cut the positive streak that it was dragging.
In fact, during 18 weeks the difficulty of Bitcoin mining rose by 52.48%, making it the longest positive adjustment streak in the last three years. During this adjustment period, the highest increase was 13.24% and the lowest was 0.95%.
The funny thing is that a little earlier, in November, it was reported that the difficulty of BTC mining registered a growth of 4.69%, reaching 22.4 billion.
Given this, it remains to see the performance of the two largest cryptocurrencies. The year has just started and all these signs suggest that a bull market is foreseeable for BTC and ETH.