With the transition to 2.0 in Ethereum, the hash rate is breaking records as the end of mining is approaching day by day.
The hash rate, which expresses the total processing power of the equipment used for mining, has surpassed 740 terahash per second (TH/s) in Ethereum as of today.
This rise in Ethereum’s hash rate comes after the summer bans on cryptocurrency miners in China. The hash rate, which was at the level of 600 terahash in June in Ethereum, fell below 500 with the bans. As a result of the strong recovery from here, records have been recorded one after another in the last few days. Moreover, this record was seen despite the activation of the wage burning mechanism, which directly affects the incomes of miners, in August.
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On the other hand, the use of the Ethereum network has also increased recently. In particular, the resurgence of the NFT trend has intensified transactions on the network. This intensity also reflects positively on the incomes of miners.
By the way, with the update commissioned with the London update last month, approximately 270 thousand ETH has been burned so far. This amount amounts to $900 million at the current price.
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