Cryptocurrency ecosystems with proof-of-work consensus algorithms need to ensure their network hashrate remains competitive. Both bitcoin and Ethereum seem to be doing a good job in this segment. New all-time highs for both networks are well within reach.
Ethereum Mining Remains Popular
Contrary to what most people had expected a few months ago, there is no decline in overall Ethereum mining as of yet. Even with the staking contract launching, miners will have to support the network until the transition to PoS occurs. When that will occur exactly remains unclear, as the development of Ethereum 2.0 is still ongoing today.
With more than sufficient network support to speak of, it seems evident that Ethereum mining remains popular today. The network hashrate recently peaked at just below 422 terahash per second. That record will be broken soon, judging by the current mining momentum. It is remarkable how resilient this network is despite the upcoming and proposed changes to the network.
Very few people expected the Ethereum hashrate to remain this high, with ETH 2.0 around the corner. Moreover, the EIP-1559 proposal irks a fair few miners, yet it remains unclear if they drop off the network. Changing the way transaction fees are handled on a public blockchain will always spark some criticism and division. Miners want their fair share to process transactions, yet that situation may change if this proposal is accepted.
Even so, the network hashrate has nearly doubled compared to three months ago. A strong show of support for the network, which may be aided by the new GPU liens being released by both NVIDIA and AMD these past few months. Despite there being a supply shortage, the Ethereum network will keep trucking along without skipping a beat. At current prices, it remains very profitable to mine ETH, thus no imminent drop in hashpower will occur either.
Bitcoin Hashrate Climbs Again
Similar to Ethereum, the Bitcoin network experiences a new influx of hashpower regularly. While its growth chart is far more erratic than Ethereum’s, there is a clear upward curve. It will not take too long before a new all-time high is visible on the chart. More hashpower means better network security, which is beneficial to all bitcoin users worldwide.
Currently, the network is inching closer to 150 Exohash per second. This level has been surpassed twice before, but never long. As this latest uptrend in hashpower seems to be a bit more methodical, it will be exciting to see where the network ends up at. Setting a new all-time high is virtually inevitable, although the time scale may differ a bit.
As the two main public blockchains note relatively high hashpower, the future looks bright for cryptocurrency mining. Regardless of how the public may perceive mining as wasteful, it is evident that the miners have a very different opinion regarding this matter. Pushing for new all-time highs is the best way to show ongoing support for both of these networks.