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Ethereum Is Still Popular Among Miners Even Without Mining Fees As ETH Hashrate Reaches New All-Time High

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With the rising popularity of decentralized applications as well as the increasing interest in massive NFT projects, Ethereum remains the most popular blockchain chain which is in line with the amount of the fees that attract more miners from across the world.

Read: Goldman Sachs Says If Historical Correlation With Inflation Persists Ethereum Could Rise To $8000 By Year-End



The Ethereum hash rate had reached a new record of 813,768 GH/s. Although the EIP-1559 upgrade eliminated mining fees, miners may still benefit from newly introduced tips that ETH network users apply to promote their transactions during periods of heavy network load.

The growing interest of miners arises from the growing ETH networks activity, As a huge number of users are utilizing the Eth network it brings more tips for miners. Alongside network activity, the fee burning mechanism has had a positive impact on the value of Ethereum and has increased it by 33% after the introduction of EIP-1559.

new all time high for eth hash rate

 

Ethereum mining hasn’t experienced any significant losses as a result of the elimination of mining royalty, according to Statista statistics. The initial drop in USD profits was only for the initial few days following the update was put into place, but due to the increase in ETH price, USD miners’ profits increased to levels prior to the EIP upgrade.

Read: CryptoPunk #7557 Was Mistakenly Sold For 4.444 Ethereum Instead Of 444 ETH

eth mining rate

Usually, the rapid growth in hash rates is not an ideal indicator for the market because of the increase of available supply. However, according to the on-chain data miners aren’t eager to sell their assets.

Read: Burger King Offers US Customers Bitcoin, Ethereum, and Dogecoin Giveaway

ETH exchange reserves are continuously depleted and miners’ accounts show inflows only, and almost none of the funds are transferred to exchange for selling. The absence of selling power is a sign of extremely positive market conditions.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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