Ethereum hash rate hits record high in November

On November 12, the Ethereum network hash rate (seven-day smoothed moving average) reached a record high of 818.39 TH/s. This happened shortly after ETH crossed the $4700 level, according to the latest ForkLog analytical report.

The Bitcoin hash rate, correlated with the price, declined by 8.4% in November. For the month, the leading cryptocurrency fell by 7.14%, breaking the end-of-year pattern.

AntPool accounted for the largest share of the Bitcoin mining hash rate, but in mid-November the American mining pool Foundry briefly rose to the lead — at one point its share exceeded 21%.

According to the latest recalculation (Nov. 28), Bitcoin mining difficulty declined by 1.49%.

Against the backdrop of NFT, metaverse tokens, and the rise of DeFi more broadly, the average Ethereum transaction fee in early November surpassed the $60 mark.

During the first half of the month, the average Bitcoin transaction fee predominantly ranged between $3 and $4. After the activation of the Taproot upgrade the metric only briefly exceeded $3 (Nov. 20), remaining mostly around $2.50.

Bitcoin miners mined Bitcoin worth $1.68 billion — 2% below October’s figure. The share of revenue from fees in total income stands at just 1.48%.

Analysts at Arcane Research said there has been a significant reduction in miner selling pressure on Bitcoin since the third halving in May 2020.

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