Ether miners

Ethereum’s Hashrate Taps an All-Time High as Miners Race to Mint ETH Before The Merge

09/04/2022 by Idelto Editor

While the Ethereum community is getting prepared for The Merge and the protocol’s transition to a full proof-of-stake (PoS) system, the network’s hashrate reached an all-time high (ATH) on April 7, 2022. On Thursday, Ethereum’s hashrate reached a high of 1.131 petahash per second (PH/s), jumping 13% in 89 days.

Ethereum’s Hashrate Climbs 13% Higher Since the First Week of January

The Ethereum blockchain is expected to transition into a full proof-of-stake (PoS) network this year via The Merge. It’s unclear how smoothly that transition will go and for now, ethereum (ETH) miners are minting blocks as fast as they can.

The three-month hashrate chart via coinwarz.com shows that Ethereum’s hashrate captured a high of 1.131 petahash per second (PH/s) on April 7, 2022. On January 9, 2022, Ethereum’s network hashrate rose above the 1.032 PH/s zone. This means over two months, after reaching a single petahash, the network has seen a 13% increase in hashpower.

Ethereum’s hashrate has grown exponentially since March 21, 2016. On that day, the hashrate was roughly 1.51 terahash per second (TH/s) or 1,510,000,000,000 hashes per second (H/s). Today’s Ethereum hashrate at 1.131 PH/s, or 1,131,000,000,000,000 H/s, is 74,800% higher than it was six years ago.

In recent times, Ethereum’s daily mining rewards have outpaced Bitcoin’s 24-hour mining rewards as well. On April 9, 2022, Ethereum’s daily mining revenue of $88.8 million is 16% more than Bitcoin’s $76.4 million in daily rewards.

Ethermine.org Commands Top Pool Position, Innosilicon’s A11 Is Top Ether Mining Rig

On Saturday morning (ET), the mining pool Ethermine.org is the network’s top mining operation with 281.29 TH/s of hashpower. F2pool is the second-largest ethereum (ETH) mining pool with 146.15 TH/s, and is followed by Poolin’s hashrate of 114.33 TH/s.

The top three ethereum mining pools are followed by Hiveon, 2miners, Flexpool, Antpool, Nanopool, Mining Pool Hub, and Ezil, respectively. The top ether mining operation Ethermine.org commands 24.87% of the network’s hashrate, capturing 290 blocks of the last 1,000 ETH blocks found.

The top mining rig this weekend in terms of profit is the Innosilicon A11 Pro ETH miner with 1,500 megahash per second (MH/s), or 1.5 gigahash per second (GH/s). The A11 Pro, using current ether exchange rates and $0.12 per kilowatt-hour of electricity, will produce $69.32 per day in profits. Meanwhile, the Innosilicon A10 Pro+ ETH miner with 750 MH/s can get around $34.15 per day in ether profits.

Rumor has it that Bitmain will launch an Antminer called the E9 with 3 GH/s in power. However, E9 rumors have been discussed for a long time and the alleged machine has not seen the light of day. If it were to exist, the 3 GH/s of eth hashpower would produce $144.81 per day in profits.

What do you think about Ethereum’s hashrate tapping an all-time high as miners race to find blocks before The Merge takes place? Let us know what you think about this subject in the comments section below.

Ether Hashrate Climbs to New Heights, Reports Say a 2,000 Megahash ETH Miner Set to Drop This Summer

04/04/2021 by Idelto Editor

In December 2020, the mining rig manufacturer Innosilicon released a new ethereum miner called the Innosilicon A10 Pro+, which processes Ethereum-based hashrate at around 750 megahash per second (MH/s). Regional reports have noted Innosilicon is dropping a new ether mining rig this summer that processes speeds of up to 2,000 MH/s. Additionally, during the course of the last few months, the Ethereum network hashrate has continued to climb relentlessly.

Ethereum Hashrate Ramps Up

While ethereum (ETH) prices have touched new all-time highs (ATH) in 2021, miners on the network are pulling in hefty profits. Moreover, miners have limited time on their hands as ETH will eventually transition to a proof-of-stake (PoS) structured system.

Despite the time running out, miners are pointing a lot of hashrate at the ETH blockchain as 0.490883 petahash per second (PH/s) is directed at the network. The mining rig manufacturer Innosilicon makes the two most profitable ETH mining rigs according to current statistics. Bitmain’s Antminer E3, G2 ethereum-based miners follow behind respectively.

Currently, using today’s ETH exchange rates and $0.12 per kilowatt-hour (kWh), the Innosilicon A10 Pro+ (750 MH/s) captures over $77 per day in profits. The company’s lower-end model which does 500 MH/s can obtain $51 per day leveraging today’s ethereum (ETH) exchange rates and $0.12 per kWh.

Innosilicon’s A11 Pro Ethmaster to Command 2,000 Megahash per Second

This year, a source stemming from the Chinese platform Weibo talked about a new Innosilicon miner that is set to be the successor of the A10 series. Reportedly, the Innosilicon A11 Pro Ethmaster will command 2,000 MH/s, giving an owner over $200 per day in profit per machine, if the owner gets electricity at $0.12 per kWh.

The cost for the new machine is still unknown, but reviews have said that the machine consumes around 2,300W off the wall and has 8GB of memory. The company still sells bitcoin (BTC) miners with the firm’s Terminator series as T3 units can range between 57 to 67 terahash per second (TH/s). Innosilicon’s A11 Pro Ethmaster is also listed on the data site asicminervalue.com and is slated to drop in July 2021 according to that specific source.

The company’s webpage claims that with “processes from 55nm to 5nm, Innosilicon has set a record of more than 200 tape-outs and achieved 100-thousand licensed FinFET wafers production per year at a 100% success rate.” Meanwhile, on April 2, 2021, ether prices touched an ATH of around $2,148 per unit.

What do you think about Innosilicon’s A11 Pro Ethmaster with 2,000 MH/s? Let us know what you think about this subject in the comments section below.

Defi Boom Fueling ETH Gas Fees, Threatens Viability of Smart Contracts

05/09/2020 by Idelto Editor

Growing Ethereum network transaction fees, which touched new highs recently, are a direct consequence of the increasing number of defi projects and yield farming. Yield farmers need to pay ETH for transactions like moving funds in and out of pools. The increased number of yield farmers leads to more transactions and slower confirmations making higher fees inevitable.

Such high fees are now threatening the viability of some smart contracts and decentralized finance (defi) applications.

According to a newsletter produced by Boxmining, the defi boom, like the ICO bubble of 2017, has helped to spark competition between different protocols. The newsletter singles out one project, Sushiswap, which is only about one week old, yet it is believed to be behind “the spike in average transaction fees on September 1, 2020.” As of September 2, the average transaction fee on the network was USD$15.13.

Sushiswap, which is “a fork from Uniswap” already had “$1.2 billion on funds under lock” after just five days. In addition, it is already “hugely popular in China where it is dubbed ‘Uniswap’s biggest rival.’” It is this kind of rivalry between different Defi protocols that is causing a “gas war.”

In the meantime, the higher fees might be good news to ether miners still, they are raising concerns “about the sustainability of the network.” As the newsletter goes on to suggest that “many are saying that the high transaction fees mean that they are ‘priced out’ of activities on defi platforms.”

The newsletter opines that higher fees “may even mean that some smart contracts become virtually unusable, thereby bringing the question of Ethereum being a smart contract platform in the first place into question.”

Already, some organizations have been forced to suspend transactions as they wait for the gas fees to return to normal levels. For instance, on September 1, Publish0x, a platform that tips its contributing writers with ETH based tokens, announced the “payouts delay due to extremely high ETH gas fees.”

The publisher explains how the fees have grown and how this is affecting business:

“When we first started Publish0x, gas prices were 6 gwei. It cost us $10-20 to pay out 2000 people. Today gas prices hit an all-time high of over 460 gwei, nearly 100x the cost. We’re looking at $2,000+ cost for a payout at current gas prices. This is obviously not economically viable.”

Just like others similarly affected, Publish0x says it is open to the possibility of using non-ETH based tokens for tipping in the future.

Meanwhile, the Boxmining newsletter suggests that the “answer to this can be Ethereum 2.0, but its mainnet launch is months away.”

In his recent comments about the levels of gas fees, Vitalik Buterin suggests the second layer solution will overcome the high fee challenge.

What are your thoughts about the impact of Defi projects on ETH gas fees? Tell us what you think in the comments section below.

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