The increase in activity of decentralized applications and large NFT projects which uses Ethereum blockchain has made Ethereum still the most widely used chain in the blockchain industry, which is related to the level of fees that are attracting more and more miners from around the world.
Ethereum’s Hashrate Reaches the High of 812,768.9228 GH/s
According to a report on November 1, Etherscan, a Block Explorer and Analytics Platform to look up transactions, wallet addresses, smarts contracts and more on the Ethereum blockchain, reported that the Highest Average Hash Rate of 812,768.9228 GH/s was recorded
The Ethereum Network Hash Rate Chart shows the historical measure of the processing power of the Ethereum network.
At the time of writing, Ethereum’s Hashrate has hit another high of 812,768 GH/s. Although the EIP-1559 update eliminates fees for miners, they can still make significant profits with the newly introduced techniques that network users use to promote their transactions during times of high network load.
Increase in Miners Activity
The increased interest of miners comes from the increase in activity on the Ethereum network. As more people use the network, miners can get more fees. In addition to the network activities, the cost-burning mechanism has also had a positive effect on asset prices: since the introduction of EIP-1559, asset prices have increased by 33%.
According to Statista, Ethereum mining was not seriously affected by the removal of mining fees. The initial decline in US dollar profits lasted just days after the update was rolled out, but due to price increases, US dollar miners’ profits returned to their post-EIP value.
Usually, the rapid growth in hash rate due to the expansion of available supply isn’t a good sign for the market, but according to the chain’s data, miners have not rushed to sell their assets.
The available foreign exchange reserves are still running low, the miner’s wallet only shows inflows, and almost no funds are transferred to the exchange. The lack of sales ability is probably related to the extremely positive market situation.