Amid the process of shifting the Ethereum from Proof-of-work to Proof-of-stake Consensus, miners are showing strong support to the Ethereum network through their computing power.
Ethereum is the biggest blockchain Network in this crypto industry. However this crypto blockchain is standing at second position after bitcoin but it’s still the biggest smart contract blockchain network in this industry, which is known for its highly decentralized nature.
Over 2021 Ethereum network currently has an all-time high network hash rate i.e very high competition among the miners to mine Ethereum tokens through their mining machines’ power support.
However, an increase in the network hash rate is not a very big deal because adoption and support keeps increasing for almost every blockchain network. The graph below correctly explains what we want to say.
On 27 January, the Ethereum network hitted 1.11 PH/s hash rate ( a new all-time high), according to the data from Glass nodes. Before this, the all-time high hit on 13 January. However, on the same day of the second last ATM hash rate, Ethereum crashed from $4,460 to $3,160, as a part of a usual market correction.
Usually, a low network hash rate shows the network is less trusted because fewer numbers of miners can manipulate the network. But here increasing network hash rate is showing that Ethereum miners are in a hurdle, whether they will be able to make money or not, after the completion of Ethereum shifting work to Pos consensus.
Recently, the Ethereum foundation published a blog and announced that they will remove ETH2 terminology. Instead, people can say ETH1 layer and ETH2 layer collaboration will make Ethereum. A merge of ETH1 and Eth2 will be called an upgrade in the Ethereum network.
Foundation said that they are doing this because they don’t want to see any situation where people, in particular new users, don’t think wrongly about Ethereum.
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