Ethereum Hashrate Taps Record High as the Price Falls to Bears
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Ethereum (ETH) miners continue to smile to the bank into the year’s end as a 1.5 gigahash per second (GH/s) ASIC device created by Innosilicon averages $84 per day.
As of Monday, Ethereum’s network hashrate coasted around 992.59 terahash per second (TH/s). The ETH hashrate has recorded some incredible increases over the past six months and peaked at 1.0122 petahash per second (PH/s) recently.
Notably, the ETH network has come a long way since March 21, 2016, when the network recorded a dedicated hash power of only 1.51 TH/s. The 1 PH/s or 1,000 TH/s recorded recently accounts for a 66,125% increase in hash power over the past five years. For context, this means that it would take a thousand top-notch 1.5 GH/s machines to process and mine Ethereum in its early days compared to today’s capacity.
Meanwhile, the largest Ether miner today is ethermine.org, boasting a hash power of 282.63 TH/s, followed by F2pool with a hash power of 134.81 TH/s. Poolin comes in third place with a hash power of 103.57 TH/s, Hiveon comes in fourth with 93.32 TH/s, and Flexpool comes in the fifth position with 93.32 TH/s.
Furthermore, Ethereum’s percentage of hashrate on Nicehash comes at 46.17 TH/s, 2minwra at 36.86 TH/s, and Antpool at 33.40 TH/s. In total, about 61 mining pools are dedicating hash power to the ETH network as of December 27.
Key Ethereum Levels to Watch — December 29
Ether, and most of the crypto market, has fallen into bearish influence again, as the second-largest cryptocurrency recorded an accelerated crash below the $4,000 level yesterday.
That said, this correction should not come as a surprise to observant traders as ETH had exhibited bullish exhaustion since it hit the $4,155 high last Thursday. This bullish failure is visible on the chart above as it shows Ether struggling to breach the 200 SMA barrier. After a prolonged struggle like this, bears seized the opportunity to push the price in their direction, causing a breach below the critical $3,800 support.
Furthermore, I do not expect to see a sustained bearish move below $3,700 and expect a rebound into the pivot zone before the end of the week.
Meanwhile, my resistance levels are $3,800, $3,900, and $4,000, and my support levels are $3,700, $3,600, and $3,500.
Total Market Capitalization: $2.20 trillion
Ethereum Market Capitalization: $444.7 billion
Ethereum Dominance: 20.2%
Market Rank: #2
