Bitcoin’s hashrate has risen above 150 quintillion for the first time, that being above a trillion and quadrillion in hashes per second, also called exahashes (EH/s).
That’s a 6x increase in two years from 40 exahashes per second in January 2019 to a new all time high.
This rise in demand has doubled asics prices while mining profitability has tripled with a bitcoin miner stating:
“Earnings per TH/s were around $0.07 to $0.08 in early October and spiked to $0.27 to $0.28 in the latest week.”
That has sent bitcoin mining stocks to new highs with the Nasdaq traded Marathon Patent Group rising 5x to give it a $1.3 billion market cap as it expands its mining operations.
While Canaan, the biggest asics manufacturer after Bitmain which IPO-ed in 2019, has seen its price yoyoing, doubling to fall 50% to double again.
A mining boom has returned in eth too which just about has passed all time high recently to above 300 terahashes a second.
Quite curiously, instead of leaving in the dust the previous peak, eth is still fairly close to it even as its price trades at $1,100.
There are suggestions this slow movement in ethereum’s hash is because there’s a GPU shortage with ethereum bound to the duopoly of Nvidia and AMD.
Both have seen a price rise with AMD doubling from $50 this summer to $100 while Nvidia has increased from $400 to $540.
Yet due to this shortage it must be very profitable to mine eth currently because current hash levels are similar to summer 2018 when eth’s price was more than half of current price.
The ethereum network however plans to move to full proof of stake maybe next year. So making long term investments difficult.
But its hashrate is still increasing, adding to its security while bitcoin continues to become a more and more powerful computing network.