Ethereum’s mining hashrate is close to reaching all time high with it rising to 277 terahashes per second.
That’s not far off from the 295 Th/s reached in August 2018, with ethereum’s hashrate falling since until it stabilized last year, but it has been rising since July 2020.
The rising ethereum price is partially why the hash is rising, with mining now quite a bit more profitable.
That means more competition should be arriving to the ethereum ecosystem which runs on GPUs.
Hence some have speculated a potential rise in demand may be reflected on Nvidia or AMD stocks, with it unclear whether they have increased production.
Another reason for the rise may well be that demand for the ethereum network has been rising, increasing fees.
Those fees go to miners, and in some cases they were earning more in fees than in block rewards.
Hence it was a matter of time before the hash was going to rise, but there were concerns different dynamics in eth compared to bitcoin might leave its hash less secure due to not keeping up with price.
Now that it nears all time high, those concerns are addressed as ethereum miners start betting once more on the world computer.