According to reports, the hash rate of the Ethereum network is currently very healthy and is rising consistently. As the hash rate rises, the network’s gas price is reducing, making transactions affordable on the network. The favorable conditions obtainable on the blockchain have also encouraged more miners to purchase needed mining equipment.
According to an 8BTC report, Ethereum gas prices have now plunged to 36 Gwei. This represents a whopping 93% crash from highs recently seen. Along with the plunge, Etherscan data also shows that the network hash rate is still swelling consistently. Etherscan showed that as of October 13, the average Ethereum hash rate hit 265,919 Th/s. Reports now say that miners are a lot more devoted to mining activity. Miners may be looking to take advantage of the current conditions as crypto networks are volatile and may change with no notice.
Crypto data analysis service Glassnode has also revealed that there are now a lot of small retail investors pumping funds into the Ethereum network. The number of wallets that hold 0.1 ETH as well as other non-zero wallets have also surged to new record highs. In addition to these, the number of ETH deposits on exchange platforms has spiked.
Since January, ETH miners have increased Ethereum’s hash rate by up to 80%.
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