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Ethereum Hashrate Reaches All-Time High

Computing power on the network has rebounded from China’s mining crackdown as demand picks up.

  • Ethereum’s hashrate reached an all-time high on Sunday, indicating that the worst effects of China’s crackdown are past.
  • Etherscan said the hashrate was 715.4 terahash/second on Sunday, while OKLink showed it was 677.9 TH/s. Both platforms said those are record values.
  • The hashrate has been on an upwards trajectory since the end of June. Prior to the incline that led to today’s level, the all-time high was on May 19, when Etherscan recorded 632.8 TH/s and OKLink 604.5 TH/s.
  • Chinese cities and provinces have been cracking down on crypto mining since a May 21 statement from the State Council. As miners powered off their rigs and tried to move their operations abroad, hashrates for both Ethereum and Bitcoin fell. Many of these miners are now operational again.
  • Eddie Wang, a senior researcher at OKLink, also attributed the increase to a change in miners’ expectations. Miners and analysts expected Ethereum’s London hard fork, which was implemented on Aug. 5, to cause a fall in miner revenue, Wang told CoinDesk via WeChat.
  • But high demand on the network, such as NFT minting with high priority fees, has kept miners’ revenue up, Wang said.
  • Since mining has proven profitable after the hard fork, more are coming online, Wang said.