Ethereum’s Hashrate Reaches All-Time High, Because of NFT Minting?

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Ethereum’s Hashrate Reaches All-Time High, Because of NFT Minting?

Ethereum’s hashrate —a measure of the computational power devoted to the cryptocurrency—has reached an all-time high, despite the London hard fork that was expected to push miners away from the platform by greatly reducing their profits.

CoinDesk today reported that both Etherscan and OKLink show Ethereum’s hashrate peaking over the weekend. The platforms disagree on the specifics, with Etherscan putting the hashrate at 715.4 terahashes per second (TH/s) and OKLink putting it at 663.6 TH/s, but they both say their respective measurements are new records.

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The increasing amount of computational power devoted to Ethereum does come as a bit of a surprise. London intentionally limited cryptocurrency miners’ ability to make a profit, by permanently destroying an algorithmically determined base fee associated with processing a transaction, instead of giving that fee to the miners.

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