Ethereum’s Computing Power at an All-Time High
The Ethereum computing power--or hash rate, spiked to an all-time high of 254 TH/s on Oct 6 amid the growing popularity of DeFi coupled with falling transaction fees. Hash rate is a measure of the network’s processing power. As a metric that is highly dependent on price, it hints of miners’ confidence and a possibility of a rally a few months before the network’s mining algorithm is shut.
Hash rate is directly proportional to the price. As more miners queue to mine ETH, the network’s processing power increases. The more there are miners, the harder it also becomes for ETH miners. Presently, the ETH price is hovering at around $350. However, with solid fundamentals around the corner, bulls will likely dominate in Q4 2020. As such, the odds of hash rates spiking to even new highs is likely.
Impact on the ETH Price:
Bullish. Price leads hash rate. More miners point to confidence in future ETH prices. Already, Ethereum’s fundamentals are firm, buoying both prices and miners.
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