Ethereum Hashrate Reaches New ATH
11-02-2021According to a recent Bitcoin Foundation poll, the most widely utilized chain in the industry is still Ether (NFT). The level of the fees that attract miners from all around the globe closely correlates with the popularity of the Ether network.
Even though the EIP-1559 upgrade abolished fees for miners, they can still have benefit by implementing recently released recommendations. Tips are used to push transactions through during times of high network demand. Etherum's hashrate has reached an all-time high of 812,768 GH/s.
With more people utilizing the network, miners can receive more fees. The price of the Ether coin has risen by 33% since the implementation of EIP 1559.
The initial drop in profits lasted only for the first days after the update, but due to the price increase, miner profit has recovered back to pre-EIP levels.
Usually, this is a sign that supply is being exhaustively mined, but miners are not yet rushing to sell off their assets. The absence of selling power is most likely tied to the extremely positive market conjuncture.
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