While Bitcoin was busy making every one of its investors and traders happy, Ethereum was also making sure its enthusiasts and investors were not left out. While the world was focused on Bitcoin as the leading digital asset continued to move in leaps and bounds, Ethereum was crossing several highs of its own, resting at $851.
The last time that Ethereum touched this figure was back in 2018, just after Bitcoin dropped its bullish run in the market. The current movement in the market shows that the altcoin season is here, and Ethereum will be the one to lead other digital assets at the beginning of the year surge.
Ethereum witnessed a slight price correction
Even though Ethereum has regressed a little to trade around $851 in the market, the digital asset holds momentum can still take it higher. While the crypto market witnessed a massive price increase of Ethereum due to several activities in the decentralized finance sector, 2021 has seen Ethereum witness a price surge of its own, judging by the recent bullish momentum surrounding the digital asset.
Coming along with several involvements by several institutional parties in Bitcoin, Ethereum has seen several other institutional players begin their Ethereum options contract, which was started by the Chicago Mercantile Exchange. While institutions’ interest has seen the price kick high, the hash rate of Ethereum has also hit an all-time high record figure.
A look at the details from popular Ethereum data providing platform, Etherscan, one would see that the Ethereum hash rate is now close to 306.35 TH/s. While Ethereum owners would be overjoyed by the price surge and the subsequent hash rate surge, one thing that would serve as an obstacle is the gas fees. Presently, the gas fees, according to several exchanges, is now around 74 gwei.
Experts say the Ethereum hash rate shows the network is secure
Experts have applauded the increase in the hash rate as most of them have noted that it shows that the Ethereum blockchain is more secure than ever. Meanwhile, Ethereum is still showing positive signs when miners are considered because several on-chain data shows that miners are getting their expected profits from the network. According to F2Pool, a platform that calculates the profits gotten from mining by looking into the total profits from mining, excluding several costs such as power and other factors.
In their recent analysis, F2Pool noted that Ethereum miners would earn about $22 in profits when they mine for about 24 hours if they use Antminer S19 pro miners. In the same vein, miners who use GTX Titan V8 cards would get nothing less than $33.10 in profits If they mine for about one day.
This means that miners would be able to get a 45% profit mining Ethereum than mining Bitcoin. Also, F2Pool noted that miners who are using their monitored mining rigs earn profits of about $30 while those mining Bitcoin earn less than $30 when they mine at the same pace and time.