Over the last year, Ether (ETH) has risen in value to the point where it has outpaced Bitcoin (BTC) in terms of returns over the last year. With the rise of Ethereum, mining on its network has become increasingly profitable over time. This appears to have resulted in the installation of more miners, increasing the network’s hash rate.
According to data from Glassnodes on Jan. 27, the hash rate for Ethereum has reached a new high, approaching record levels of 1.11 PH/s. The previous all-time high was established on Jan. 13, when the price of ETH dropped from $4,460 to $3,160.
When the hash rate increases, it means more nodes are joining the network, and it means the network is becoming more decentralised. As a result, such an increase contributes to the security of the blockchain. However, if the hash rate is too low, the network may suffer since there will be fewer nodes, which would result in slower transactions and less security.
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