Ethereum hash rate sets all-time high as price surges

Ethereum's hash rate — or the blockchain network's computing power used to mine ether (ETH) — continues to rise and now has hit a new all-time high.

The current Ethereum hash rate stands at about 747 TH/s (terahashes per second), according to The Block's Data Dashboard. It was around 465 TH/s in July when it hit a low. Since July, the hash rate has rebounded significantly.

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Several factors appear to have contributed to the hash rate increase, including continuous growth in the DeFi and NFT space and the recent ETH price rally. When the ETH price trades at higher levels, it is more profitable for Ethereum miners to mine ETH since they get block rewards in ETH.

Indeed, Ethereum miners generated a whopping $1.85 billion in revenue last month, according to the data dashboard. Notably, Ethereum miner revenues have remained higher than Bitcoin miner revenues for the sixth consecutive month by now.

The price of ether has also continued to rally. ETH is currently trading at around $4,465, according to TradingView, which is around the highest it has ever been. 

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.