Happy Wednesday, Blockfolians
Here’s shorthand for about half of our content these days: “the growth of DeFi has led to the rise of [insert crypto metric here].”
Today is no different, and we’re looking at Ethereum hashrate. The previous all time high was 248,000 GH/s in August 2018. On October 6th, that number increased to 254,000 GH/S.
So, what does this mean? Here’s how The Block sums it up:
The new all-time high figure of hashrate shows that more Ethereum miners are queuing up to mint ETH, which plays a central role in interacting with DeFi protocols built on Ethereum. ETH is used to pay for gas fees or transaction costs.
The high gas fees also attract more Ethereum miners to the network as it helps them make higher revenue. Last month, for the first time in Ethereum's history, Ethereum miners made more money from gas fees than from block rewards.
The higher hashrate also helps to make blockchain networks more secure as it becomes more costly to 51% attack them.
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Highly Relevant Reading
CoinDesk ranks MIT as top university for blockchain
US Treasury Deputy reaffirms that they are studying digital currencies
Japanese crypto exchange TaoTao acquired by SBI
South Korea plans to start CBDC trials
Good reminder for a sort of blue market.
But we don’t want to move slow.
A Really Big Number We Should Be Paying Attention To
That’s the size of the Series B round for U.S. regulated Bitnomial derivatives exchange. In the wake of the UK and the action against BitMEX - that “US-regulated” might be a heck of a premium.
We’ll still engage with you, Dog.