According to Etherscan, the Ethereum hash rate has increased by nearly 30% since the beginning of 2020, to 187,369 GH/s as it is today. This shows that miners are getting more involved before Ethereum 2.0 is about to debut.
Ethereum hash rate will increase by 2020
The hash rate of ETH starts the year at approximately 147,405 GH/s. Almost immediately it increased by 10%, and since then it continues with the same positive trend. At press time, the hash rate is 187,369 GH/s, marking an increase of about 27%.
Ethereum Hash Rate 2020 | Source: Etherscan
A high hash rate means that a network is more secure and 51% less likely to be hacked. It is estimated that the amount needed to endanger Ethereum is about $ 140,000 per hour. Therefore, Ethereum is second only to Bitcoin in terms of the likelihood of being the hardest to attack. While Bitcoin’s hash rate dropped after Bitcoin halving in May, the cost of an hour-long attack was over $ 430,000.
Despite the recent increase, Ethereum’s hash rate is still significantly lower than the all-time high of 2018. From March to October of that year, the hash rate was almost consistently above 250,000 GH/s, and it peaked on August 9, only on August 9, shy of 300.000 GH/s.
Ethereum Hash Rate Since 2015 | Source: Etherscan
ETH community are waiting for Ethereum 2.0 launching
2020 could be an essential year for ETH as the community is anticipating the long-awaited launch of Ethereum 2.0. This upgrade will see the network transition from the current evidence consensus algorithm to proof of stake. By implementing it, the company aims to address some of the current security and scalability issues.
While Vitalik Buterin, the project’s co-founder, recently revealed the launch of various Layer 2 solutions on Ethereum, the exact date of the ETH 2.0 version is still unknown.
This year has had significant positive value as well as for the second seed cryptocurrency by market cap. ETH entered the new century for about $ 130 and is currently trading at $ 243. This represents an 87% increase, although the asset dropped below $ 90 on Black Thursday in mid-March.
Despite the annual increase, a recent report indicates that the price of assets is still significantly underestimated. It is based on its conclusions on several key metrics, including development, gas use, and hodling psychology from investors and miners.
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