THEhashrate of Ethereum has been on the rise in recent times, with cryptocurrency having been one of the most profitable businesses for digital currency miners. And as more and more people flocked to enjoy a portion of the loot, the hashrate has skyrocketed.
To confirm this, it should be borne in mind that only in May the hashrate reached several historical highs, although it remains to be asked whether the price of the digital asset is destined to do just as well in terms of hashrate mining.
Ethereum hashrate reaches a new all-time high
The month of May will prove to be a very positive month for Ethereum when it comes to mining. After rising steadily throughout April, hashrate mining hit a high of 3 PH / s on the 1,1923rd of the month. This result was understandably celebrated by the market, but… the trend does not seem to be over.
The following two weeks were indeed characterized by new all-time highs, one after the other. And now, two weeks into the month, it has reached another all-time high. On May 13, Ethereum's hashrate had risen to 1,2370 PH / s. This is the highest value ever achieved by the hashrate. It represents a growth of 124% year-on-year.
We remember that Ethereum still works on a proof of work mechanism and that there are over 80 mining pools currently providing hashrate for the network. One thing to note is that the hashrate has increased as the "merger" approaches. This update would effectively eliminate the need for high-level computing machines needed to solve complex equations to verify transactions. Instead, the network would use a proof of stake mechanism to carry out transactions.
How is ETH doing in the meantime
Meanwhile, Ethereum managed to cross $ 2.000 again on the sidelines of a long week full of collapses and declines. A hard-won victory, but still a victory. However, she appears to be the only one in terms of the trend.
Looking at the digital asset indicators, there is an incredibly bearish trend in both the short and long term. While it is holding its position above the $ 2.000 level at the time of writing, it continues to tick all the boxes of a bearish asset, such as trading below the 50 and 200 day moving averages.
Investor sentiment also turned completely towards the sales territory. The MACD at 100 and 200 days is also pointing towards selling, showing that the selling pressure on investors right now is one of the highest ever seen in recent times.
However, owners of ETH they do not fare badly compared to others. Most of the holders of the digital asset remain profitable even though ETH has lost more than half of its all-time high. It is also worth noting that most of them have held their currencies for more than a year, thus demonstrating a clear trend of approach towards this asset.