Ethereum Hashrate in 2020.
According to data from Etherscan, the Ethereum hashrate started the year at approximately 147,405 GH / s. Almost immediately it increased by 10% and, since then, it continues with the same positive trend. At the time of this writing, the hashrate was 187,369 GH / s, marking an increase of about 27%.
Naturally, the increasing hashrate means a more secure network and a 51% less chance of an attack. A website that calculates the potential costs of executing such attacks on the various blockchain networks estimates that the amount needed to compromise Ethereum is around $ 140,000 an hour.
This places ETH in second place on that scale, second only to Bitcoin. Although the BTC hashrate fell after halving, the costs of a 1-hour attack are more than $ 430,000.
Despite the recent increases, Ethereum’s hashrate is still significantly lower than the high levels of 2018. From March to October of that year, it was almost constantly above 250,000 GH / s, and peaked on August 9, 300K GH / s.
Waiting for Ethereum 2.0
2020 could be an essential year for ETH, as the community is anticipating the launch of the long-awaited Ethereum 2.0. This update will bring about a major transformation in the network. When implementing it, the company intends to solve some current security and scalability problems.
Although Vitalik Buterin, co-founder of the project, recently revealed the launch of several Layer 2 solutions on Ethereum, the exact date of the launch of ETH 2.0 is still unknown.
This year was also considerably positive in terms of price for the second cryptocurrency by market cap. ETH entered the new century at around $ 130 and is currently trading at $ 243. This represents an 87% increase, although the asset dropped to less than $ 90 during black Thursday in the middle March.
Despite the annual increase, a recent report highlighted that the asset’s price is still “significantly undervalued”. He based his conclusion on several important metrics, including developments, gas usage and the HODLing mindset of investors and mining companies.