Ethereum (ETH) hashrate reached an all-time high, as reported by Glassnode. Ethereum miners pushed the hashrate to a new record level after DeFi excitement and rising fees. The hashrate exceeded 250 T / s and has increased by 80% since the beginning of the year.
According to Glassnode data, Ethereum hashrate reached a new ATH. Some investors and traders state that this increase is bullish and will affect the ETH price positively. This increase in ETH hash ratio is generally attributed to the decentralized finance (DeFi) sector.
What is the Ethereum Hash Rate?
The Ethereum hashrate is a computed numeric value that specifies an estimate of how many hashes were generated by Ethereum miners trying to unravel the current Ethereum block. The higher the hashrate of the Ethereum network, the greater the ETH hashrate numbers that abbreviations must be used. Abbreviations are units derived from SI that represent the number of hashes performed in a one second time frame.
It is important to say that the Ethereum hashrate does not determine how quickly or slowly each block is resolved. This timing, called block time, is implemented by the Ethereum mining difficulty value, which adjusts each block difficulty up or down during retargeting to ensure that blocks are resolved in a fixed time frame.
Ethereum hashrate is calculated using the current Ethereum difficulty, defined Ethereum block time, and the average block time of the last (X) block number.
What Does Increasing Hash Rate Mean?
The increasing hashrate in Ethereum indicates that the activity of users on the blockchain has increased. Especially as the DeFi movement continues and more and more people turn to DeFi, the foundations of Ethereum are also getting stronger.