Ethereum’s hashrate has hit an all-time high of just over 250 TH/s, according to glassnode, which tweeted about the milestone on October 6.
- This is the first time that miners have recorded a hash rate over 250 TH/s; in January 2020, the hashrate was just below 150 TH/s
- The last time Ethereum’s hashrate was this high was back in August 2018
- Data from mining pool F2Pool also shows that mining Ethereum is approximately 3 times as profitable as mining Bitcoin (BTC)
- The DeFi market boom is a major contributor to the increased hash rate, and has also resulted in the network fees rising
- Milestones such as Uniswap recording more volume than Coinbase and MetaMask reaching 1 million active monthly users all point to the growth of the Ethereum network thanks to DeFi