The hashrate of Ethereum has climbed to a record-high one petahash per second amid the surge in demand, TrustNodes reported.
- The development comes as network demand for ETH, in line with the establishment of decentralized finance and non-fungible tokens which continue to reap market attraction in Asian markets.
- ETH is currently at the same level as Bitcoin in 2017, when the top digital token also breached one petahash for the first time in history. The price of ETH is also hovering around 2017’s price levels.
- ETH is set to remove proof of work miners and shift to a proof of stake with the Merge upgrade, with the testnet currently running publicly. Data shows mining demand is up likely due to the high demand.
The movement indicates that there may a kind of pattern, as the top two digital tokens are following a nearly identical path. ETH is down 2.10%, while BTC is down 1.94%.