Ethereum is the blockchain based on pioneer in smart contract application wher thousands of Dapps are running . Recently improvement in DeFi ecosystem has proved that investors has now positively taking as future smart contract and enterprises development potential.
As we know , the hash rate of any blockchain coins is the core protocol to secure the network where all the network validators compete each others computational mechanism to generate the Hash rate to meet the difficulty level for mining the blocks.
in 2018 ,the highest Hash rate was achieved by ethereum network was 266 Th/s which was all time high but after all , the network hash rate was continuously decreasing which indicated less interest for mining ethereum in the consensus of proof of work by most network validators
As per current data by Glassnode , After many months , the Hash rate of ethereum has shown some growth and it increased by 27% till the writing of this article which is good indication for the growth and security of ethereum blockchain.
There are some reason to increase hash rate in ethereum blockchain because in nest 1 year ethereum is going to shift on the consensus of proof of stake where miners need to stake their ethereum to validate the block and mine the coin and they may like to mine as much ethereum they can which showed big hike in hash rate of ethereum mining .
For quick understanding, Hash rate is something which increase or decrease on the base of competition of network block validators where they keep changing their cryptographic calculations to unlock computational challenges where they use many high electric consuming machines like ASIC (Application Specific Integrated Circuit ) to generate the correct cryptographic hash to validate their block through broadcasting on the network of ethereum.
There is no wonder if i say proof of work is getting outdated consensus for mining the cryptocurrency as we utilise our electricity in high consumption.
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Excellent post Sandeep.
Thank you for all your support - really appreciated brother!
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thank you @icedrum
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