Ethereum Hashrate Breaks All-Time High, Will Price Follow?

Ethereum hashrate has been on the rise in recent times. The cryptocurrency has been one of the most profitable ventures for crypto miners and as more people flocked to enjoy some of the spoils, the hashrate has skyrocketed. It has now hit multiple all-time highs in just the space of May alone. However, the question remains if the price of the digital asset is set to do as well as it has done in terms of its mining hashrate. Ethereum Hashrate Hits New ATH The month of May would prove to be a very good one for Ethereum when it comes to mining. After steadily climbing through the month of April, mining hashrate had touched as high as 1.1923 PH/s on the 3rd of the month. This was understandably widely celebrated in the market but it was far from done. Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000 The next couple of weeks would be new all-time highs set after the other. Now, two weeks into the month, it has reached another ATH. On 13th May, the Ethereum hashrate had climbed to 1.2370 PH/s. This is the highest that the hashrate has ever been. It represents a 124% growth on a year-over-year basis. ETH price settles above $2,000 | Source: ETHUSD on TradingView.com Ethereum still operates on a proof of work mechanism though and it is reported that there are over 80 mining pools that are currently providing the hashrate for the network. One thing to note is that the hashrate has been on the r...