Ethereum Accounts on the Rise
Ethereum (ETH), the second largest cryptocurrency by market capitalization (CoinMarketCap data), has been gaining more investor interest over time. The reason is two-fold. One – rising awareness about cryptocurrencies such as Ethereum (ETH). Two – a rapidly increasingly number of blockchain projects running on the Ethereum blockchain. Evidence of the same can be seen in the rise in the total number of Ethereum accounts, especially in 2018.
To Cross 50 Million by November 2018
A quick look at Ethereum accounts data available on etherchain.org, and the chart above, validates our view on the rapid increase in ETH accounts in 2018. From a humble 18.8 million as of January 1st, 2018, the total number of Ethereum accounts have grown to just about 45 million already – a whopping 140% rise. Analysis of the data suggests 2.5 million ETH accounts are added every month (on average over the last 6 months). Currently at 44.9 million, the figure should easily cross the 50 million account mark by November 2018.
Rising Difficulty and Mining Hashrate
On the hindsight, however, average Hashrate (the rate at which Ethereum is mined) has also been rising with rising difficulty. The rise in difficulty has also necessitated the emergence and growth of mining pools. Mining pools are a quicker and easier way for individuals to harvest large amounts of Ether in just a short while. These essentially provide a way for Bitcoin miners to pool their resources together and share their hashing power. Rewards are split in proportion to their contribution to solving a block.
Our recent post of the top 4 Ethereum Mining pools provides a quick take on the top miners, which together account for over 75% of the aggregate Ethereum Hashrate distribution.