The computational power, known as hashrate, of the Ethereum network has surpassed the 1 petahash per second (PH/s) mark for the first time.
This indicator signals the appetite of miners to allocate capital for the reward of validating a network’s transactions. Computational power is directly linked to a blockchain protocol’s security, scalability, and decentralization.
The increase in hashrate also indicates that ether (ETH) mining activity remains profitable in this year’s end. For example, a 1.5 gigahash per second (GH/s) ASIC device manufactured by Innosilicon has been yielding around US$ 84 per day.
In early December 2021, the Ethereum network participants updated the protocol and implemented the Arrow Glacier version, responsible for delaying the transition to the Proof of Stake (PoS) Ice Age by six months.
In effect, this signaled to miners a prospect of increased profitability, encouraging investments to increase hashrate.
The largest Ethereum miner is the ethermine.org pool with 282.63 TH/s, followed by F2pool with 134.81 TH/s. Other miners such as Poolin, Hiveon, and Flexpool round out the top list.