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Ethereum Recap: All-Time High Hashrates, Record Coin Burn, And Other Stories

Ethereum Recap: All-Time High Hashrates, Record Coin Burn, And Other Stories

Ethereum has had a very busy week, with several important developments occurring over the course of the week. From Ethereum’s hash rate reaching an all-time high to Ethereum whales moving over $1 Billion in Ethereum across 21 transactions, let’s recap some of the biggest developments from the Ethereum ecosystem over the past week. 

Ethereum Hashrate Reaches All-Time High 

Ethereum’s hashrate rose to nearly 700 terahashes per second, which is an all-time high for ETH, eclipsing the previous high of 632 terahashes per second, which ETH had reached in May. This marks a recovery in the hashrate after it had gone through a downturn with the Chinese crackdown on miners; the hashrate had earlier fallen to 595 terahashes per second. 

The recovery comes as Ethereum’s price also recovers, having reached a high of $4000, with $25 billion worth of ETH locked in staking contracts, which equals around 10% of the total ETH supply. 

Ethereum To Become Bigger Than AWS, Azure And Google Combined, Says YeFi CEO

Pekka Kellka, the CEO of YeFi, while talking on the “behind the start-up” series on Hackernoon, spoke about DeFi and blockchain, predicted that Ethereum will become a global computer, bigger than AWS, Azure, and Google combined. Kellka was asked about Ethereum founder Vitalik Buterin’s announcement about Ethereum’s latest update and stated in his reply, 

“How many hours do we have? Let me start first by saying this: Ethereum will be the biggest game-changer in the global business. It will be “the global computer.” It will be bigger than AWS, Azure, and Google combined.”

He further added, 

“Ethereum’s biggest change on the recent EIP (Ethereum Improvement Proposal) 1559 was the change on “the economical model” which will make ETH deflationary in the longer run.”

The latest update, EIP1559, will see ETH tokens being withdrawn from the market whenever a transaction is made, with the basic fee being burned during every transaction.

Ethereum Whales Move Over $1 Billion In ETH After Market Correction. 

Ethereum whales have moved over $1 billion worth of ETH in the middle of a marketwide price correction. The amount was moved in 21 separate transactions. The largest transaction was that of an unknown wallet sending Binance a staggering 99,990 ETH, a transaction worth over $343 million, according to crypto tracker Whale Alert. Other significant transactions include a transaction worth over $159 Million and another worth over $151 Million. 

Ethereum Sees $35 Million Worth Of Burning In 24 Hours. 

Ethereum’s new fee structure, which has brought about a fee-burning mechanism to the Ethereum network, is seeing a significant daily increase. The increase has resulted in $35 worth of burnings in 24 hours. This is a record for the number of coins burnt in a single day. Apart from the record number of burnings, Ethereum has added over 6.2 million new addresses to the network since the start of 2021.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.