Ethereum mining isn’t what it used to be.
The second-largest cryptocurrency by market cap has struggled with its mining hashrate in 2019, according to hash analytics site, Long Hash. The hashrate remains 42 percent below what was seen during Ethereum’s high of 295 GH/s back in August 2018. It now hovers at around 175 GH/s.
Mining hashrate for proof-of-work coins like Ethereum is an indicator of a coin’s security. The higher the hash number, the more difficult it becomes to sabotage the network using a 51 percent attack. It’s also a figure used to measure the general health of the network–the higher the hashrate, the more miners there are and ultimately, the more interest there is.
Part of the reason for this decline may be linked to bitcoin’s increased market dominance, which now hovers at 65 percent. Altcoins, including Ethereum, have struggled to capture the attention of miners as much as they have struggled to up their price. Ethereum’s hashrate isn’t the only project that’s suffered in this bitcoin bull market. Bitcoin Cash and Bitcoin SV’s hashrates are all substantially below previous highs.
Whereas bitcoin’s hashrate recently cracked a new all-time high – 79.7 TH/s – beating its 2018’s best by a substantial 22 percent. What does this all mean for the network’s security? It comes down to how much computer power, and cash, a bad actor needs to burn in order to take control of a network.
With bitcoin’s hashrate soaring, it would cost $850,000 per hour to attack the network and take control of transactions. Ethereum, meanwhile, costs just $100,000 to do achieve a 51% attack. The bitcoin forks even less.