Ethereum's hashrate has passed the 250 TH/s mark for the first time since August 2018, making the mining of the second largest crypto in the market three times more profitable than that of BTC.
According to data provided by Glassnode, Ethereum's hashrate reached 250 terahashes per second (TH/s) on October 6, an outstanding increase of 80% since January.
It looks like this rise in the hashrate of the cryptocurrency could be closely linked to the DeFi sector, which is recently enjoying great popularity among users. The frenetic activity in the decentralized finance ecosystem has led to an increase in gas, which is the fee users must pay for sending transactions to the ETH blockchain.
In particular, according to data from the the mining pool F2Pool, this situation has resulted in Ethereum mining being 3 times more profitable than that of Bitcoin. Specifically, BTC miners using Antminer S19 Pro devices can get $4.33 profit in 24 hours, while ETH miners using GTX TitanV 8 cards can receive up to $15.56 during the same period.
If you are looking for a crypto trading platform to trade your assets, visit Gozo.pro, a safe and reliable exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.