Ethereum Hashrate Taps Lifetime High Amid Price Crash
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Ethereum tapped a hashing rate of 137 petahash per second (PH/s) on May 13, as the processing power currently operates around 1.18 PH/s at press time. Proof-of-work (PoW) miners continue to dedicate more computing power to the Ethereum network and will likely continue to do so until the network finally switches to a proof-of-stake (PoS) mechanism.
Citing data from 2miners, Ethereum’s hashrate has jumped by a dramatic 124.33% since late July 2021 from 0.526 PH/s to the current 1.18 PH/s. The network hash power has recorded an even higher hike of 725.17% between March 2019 till date.
Reports further suggested that Ethereum miners are smiling at the banks amid the recent crash. Currently, the Innosilicon A11 Pro miner can make over $36.66 in profits per day, thanks to the low exchange rate. Also, a 750 megahash per second (MH/s) miner can make a daily profit of $11.71.
That said, ETH miners will no longer be required to deliver computing power to the network once The Merge occurs and the network switches to a PoS system. Ethereum developer Tim Beiko recently revealed that The Merge will likely be pushed till Q3 2022, adding that he “strongly suggests not investing more in mining equipment at this point.”
Key Ethereum Levels to Watch — May 16
While its hashrate has performed exceptionally over the past weeks, Ethereum’s price has only suffered the opposite, as ETH continues to drag its feet under $2,100.
The second-largest cryptocurrency managed to muster some bullish momentum over the past three days, but this bullish effort came to naught today after it dipped below the psychological $2,000 mark.
With the persisting bearish cloud hovering over the broader market, ETH could maintain this bearish/sideways momentum in the coming days and weeks until a bullish development emerges in the fundamental space.
Meanwhile, my resistance levels are $2,100, $2,200, and $2,300, and my support levels are $1,900, $1,800, and $1,700.
Total Market Capitalization: $1.27 trillion
Ethereum Market Capitalization: $243.1 billion
Ethereum Dominance: 19.1%
Market Rank: #2
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