Ethereum’s hash rate has surged to a new record of one petahash per second as the demand for Ether rises.
The network’s native token use cases is driven by the expansion in the DeFi space and non-fungible tokens mostly in the Asia market.
ETH hash rate currently stands at where Bitcoin’s was in 2017 when it reached a high of one petahash a second for the first time.
The price of Ether also aligns with that of Bitcoin in 2017, underpinning the fact that ETH and BTC could be following the same trends.
Ethereum is expected to replace its proof-of-work consensus algorithm with the proof-of-stake in a process called merge.
The merge testnet is now operating openly with no technical challenges reported. The hash rate would no longer be valuable once the upgrade goes live.