The Block: ETH price crosses $500, Ethereum hashrate reaches a new all-time high

On the back of a bitcoin (BTC) rally, the price of ether (ETH) is also surging.

ETH has crossed the $500 mark today, for the first time since July 18, 2018. The world's second-largest cryptocurrency is currently trading at around $501 on Coinbase, according to tracker TradingView.

Ethereum's mining hashrate, or the network's computing power, also reached a new all-time high yesterday. It crossed 256 terahash per second (TH/S) in terms of a seven-day moving average (7DMA), according to data tracked by The Block .

The surge in Ethereum's mining hashrate suggests that more miners are joining the race to mint ETH.

Ethereum mining is set to cease in the medium term as the network is moving toward a proof-of-stake model with developments around the Ethereum 2.0 upgrade.

The Eth2 upgrade is divided into multiple phases — the beacon chain, shard chains, and the docking — which are expected to run at least until 2022. After the final Eth2 launch, Ethereum mining will be sunsetted.