{"id":490576,"date":"2022-05-16T23:00:59","date_gmt":"2022-05-16T23:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=490576"},"modified":"2022-05-16T12:47:43","modified_gmt":"2022-05-16T12:47:43","slug":"ethereum-hashrate-breaks-all-time-high-will-price-follow","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-hashrate-breaks-all-time-high-will-price-follow\/","title":{"rendered":"Ethereum Hashrate Breaks All-Time High, Will Price Follow?"},"content":{"rendered":"<p class=\"p2\">Ethereum hashrate has been on the rise in recent times. The cryptocurrency has been one of the most profitable ventures for crypto miners and as more people flocked to enjoy some of the spoils, the hashrate has skyrocketed. It has now hit multiple all-time highs in just the space of May alone. However, the question remains if the price of the digital asset is set to do as well as it has done in terms of its mining hashrate.<\/p>\n<h2 class=\"p2\">Ethereum Hashrate Hits New ATH<\/h2>\n<p class=\"p2\">The month of May would prove to be a very good one for Ethereum when it comes to mining. After steadily climbing through the month of April, mining hashrate had touched as high as 1.1923 PH\/s on the 3rd of the month. This was understandably widely celebrated in the market but it was far from done.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-funding-rates-remain-unmoved-despite-plunge-to-30000\/\">Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">The next couple of weeks would be new all-time highs set after the other. Now, two weeks into the month, it has reached another ATH. On 13th May, the Ethereum <a href=\"https:\/\/www.coinwarz.com\/mining\/ethereum\/hashrate-chart\" rel=\"nofollow\">hashrate had climbed to 1.2370 PH\/s<\/a>. This is the highest that the hashrate has ever been. It represents a 124% growth on a year-over-year basis.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/zUZ79YOQ\/\" alt=\"Ethereum price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">ETH price settles above $2,000 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Ethereum still operates on a proof of work mechanism though and it is reported that there are over 80 mining pools that are currently providing the hashrate for the network. One thing to note is that the hashrate has been on the rise as the \u201cMerge\u201d draws closer. This upgrade would effectively eliminate the need for<\/p>\n<p class=\"p2\">high computing machines required to solve complex equations to verify transactions. Instead, the network would use a proof of stake mechanism to carry out transactions.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h2 class=\"p2\">How ETH Is Doing<\/h2>\n<p class=\"p2\">Ethereum has managed to make its mark above $2,000 once more. This has come after a long week fraught with crashes and dips. A hard-won victory but a victory nonetheless. However, it would seem to be the only one trend-wise.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">Looking at the indicators for the digital asset, it has marked an incredibly bearish trend for both the short and long term. Even though it is maintaining its position above the $2,000 level at the time of this writing, it still marks all the boxes for a bearish asset, such as trading below the 50 to 200-day moving averages.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-tumbles-to-10-month-lows-as-sell-offs-intensifies\/\">Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">Sentiment among investors has also skewed completely into the selling territory. With even the 100 &#8211; 200-day MACD pointing towards sell. What this shows is that the selling pressure on investors at this time is one of the highest it has ever been in recent times.<\/p>\n<p class=\"p2\">Nevertheless, ETH holders are not doing too badly compared to others. The majority<a href=\"https:\/\/app.intotheblock.com\/coin\/ETH\" rel=\"nofollow\"> of those who hold the digital asset remains in the profit territory<\/a> even though ETH has lost over half of its all-time high value. It is also worth noting that the majority have been holding their coins for more than one year.<\/p>\n<pre style=\"text-align: center\">Featured image from Medium, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum hashrate has been on the rise in recent times. The cryptocurrency has been one of the most profitable ventures for crypto miners and as more people flocked to enjoy some of the spoils, the hashrate has skyrocketed. It has now hit multiple all-time highs in just the space of May alone. However, the question remains if the price of the digital asset is set to do as well as it has done in terms of its mining hashrate. Ethereum Hashrate Hits New ATH The month of May would prove to be a very good one for Ethereum when it comes to mining. After steadily climbing through the month of April, mining hashrate had touched as high as 1.1923 PH\/s on the 3rd of the month. This was understandably widely celebrated in the market but it was far from done. Related Reading |\u00a0Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000 The next couple of weeks would be new all-time highs set after the other. Now, two weeks into the month, it has reached another ATH. On 13th May, the Ethereum hashrate had climbed to 1.2370 PH\/s. This is the highest that the hashrate has ever been. It represents a 124% growth on a year-over-year basis.\u00a0 ETH price settles above $2,000 | Source: ETHUSD on TradingView.com Ethereum still operates on a proof of work mechanism though and it is reported that there are over 80 mining pools that are currently providing the hashrate for the network. One thing to note is that the hashrate has been on the rise as the \u201cMerge\u201d draws closer. This upgrade would effectively eliminate the need for high computing machines required to solve complex equations to verify transactions. Instead, the network would use a proof of stake mechanism to carry out transactions.\u00a0 How ETH Is Doing Ethereum has managed to make its mark above $2,000 once more. This has come after a long week fraught with crashes and dips. A hard-won victory but a victory nonetheless. However, it would seem to be the only one trend-wise.\u00a0 Looking at the indicators for the digital asset, it has marked an incredibly bearish trend for both the short and long term. Even though it is maintaining its position above the $2,000 level at the time of this writing, it still marks all the boxes for a bearish asset, such as trading below the 50 to 200-day moving averages. Related Reading |\u00a0Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies Sentiment among investors has also skewed completely into the selling territory. With even the 100 &#8211; 200-day MACD pointing towards sell. What this shows is that the selling pressure on investors at this time is one of the highest it has ever been in recent times. Nevertheless, ETH holders are not doing too badly compared to others. The majority of those who hold the digital asset remains in the profit territory even though ETH has lost over half of its all-time high value. It is also worth noting that the majority have been holding their coins for more than one year. Featured image from Medium, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":490579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,85981,16163,1946,8686],"class_list":["post-490576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-hashrate","tag-eth-price","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\n<title>Ethereum Hashrate Breaks All-Time High, Will Price Follow?<\/title>\n<meta name=\"description\" content=\"Ethereum hashrate has been on the rise in recent times. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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