ETH price crosses $500, Ethereum hashrate reaches a new all-time high


On the back of a bitcoin (BTC) rally, the price of ether (ETH) is also surging.

ETH has crossed the $500 mark today, for the first time since July 18, 2018. The world's second-largest cryptocurrency is currently trading at around $501 on Coinbase, according to tracker TradingView. 

Ethereum's mining hashrate, or the network's computing power, also reached a new all-time high yesterday. It crossed 256 terahash per second (TH/S) in terms of a seven-day moving average (7DMA), according to data tracked by The Block.

The surge in Ethereum's mining hashrate suggests that more miners are joining the race to mint ETH. 

Ethereum mining is set to cease in the medium term as the network is moving toward a proof-of-stake model with developments around the Ethereum 2.0 upgrade.

The Eth2 upgrade is divided into multiple phases — the beacon chain, shard chains, and the docking — which are expected to run at least until 2022.  After the final Eth2 launch, Ethereum mining will be sunsetted.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC