The hash rate of the Ethereum network has climbed to a new high amid its latest price rally.
According to data from The Block's Data Dashboard, Ethereum’s hash rate currently stands at about 747 TH/s (terahashes per second). The hash rate was around 465 TH/s in July when it hit a low back. However, it has staged a dramatic recovery since then.
Some factors that have contributed to the increase in Ethereum’s hash rate include the consistent expansion in the DeFi and NFT space coupled with the recent ETH price rally.
Ethereum miners make more profit when ETH price trades at higher levels since they receive their block rewards in ETH.
According to the data dashboard, Ethereum miners generated $1.85 billion in revenue last month. Comparatively, the revenue generated by Ethereum miners has been higher than that of Bitcoin for the sixth months running.
Meanwhile, Ether’s bullish run is still ongoing. The second-largest cryptocurrency by market cap reached a new all-time high of over $4,500 on Tuesday.