Ethereum mining: a new hashrate record
Ethereum mining: a new hashrate record
Ethereum

Ethereum mining: a new hashrate record

By Marco Cavicchioli - 28 Dec 2021

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Ethereum hashrate has reached a new all-time high. 

Ethereum mining profitability and hashrate

In fact, in the last few days, it has touched 950 Thash/s, while until last month, it had never exceeded 900. 

The key point is the profitability of Ethereum mining, definitely high, thanks to quite high ETH prices. 

In fact, although its current price is 20% from the all-time high of almost $4,900, this was touched just under two months ago, but the hashrate’s pace of increase is much slower. 

Suffice it to say that at the beginning of October, the price of ETH was below $3,500, while now it is 12% higher. Ethereum’s hashrate at the beginning of October was around 730 Thash/s, while the current hashrate is 27% higher. 

During 2021, the profitability of Ethereum mining has always remained high, as in January, it was around $0.05 per day per Mhash/s, while now it is around $0.06. In January 2020, it was around $0.01 per Mhash/s. 

So the current profitability of Ethereum mining is six times what it was at the beginning of last year, and with these levels, it is safe to expect that hashrate can still increase. Of course, everything depends on the price of ETH, which, however, is not sure to remain above $3,500. 

For example, according to some estimates, an ASIC of 1.5 gigahash per second (Gh/s) at this time can generate a net gain of over $81 per day, or more than $2,400 per month and $29,000 per year, which allows you to amortize the investment in less than two years. 

Then again, the price of ETH has increased by 465% in the last 12 months, while the hashrate has only increased by 217%, indicating that it will most likely increase again if the price holds or grows. 

ethereum hashrate
Ethereum hit price and hashrate records

The move to Proof-of-Stake

The curious thing is that with the transition to Proof-of-Stake, which is expected to happen next year, ETH will no longer be able to be mined with current devices. Instead, you will have to stake your ETH on special nodes that will validate transactions instead of the miners. 

This means that Ethereum miners will either have to shut down their machines and stop mining ETH or use them to mine other Proof-of-Work-based cryptocurrencies. Since Ethereum mining uses a different algorithm than Bitcoin, however, machines used to mine ETH generally cannot be used to mine BTC. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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