According to Coinwarz and 2Miners, the Ethereum hashrate—an estimate of successful hashes per second by ETH miners—reached an all-time high of 290 terahashes per second (TH/s) on October 6. The hashrate measures the amount of computing power on the Ethereum network and is a key standard used in calculating the security and health of the network, as well as the performance of the ETH mining hardware. The hashrate experienced weeks of volatility before hitting an all-time high of 290 TH/s, marking an 80% surge since the start of 2020. It's believed that the higher gas fees may have attributed to the new record. On-chain transaction fees on Ethereum have outpaced Bitcoin this year with a difference of about $1 million per day. According to Glassnode, Ethereum miners made $166 million from transaction fees in September, compared to $26 million from Bitcoin fees over the same period. However, ETH transaction fees have dropped significantly from a peak of $11.60 on September 17 to $2.98 on October 1, a decline of 74%. The Ethereum hashrate does not necessarily determine the speed to confirm each block, but rather it's designed to adjust the mathematical difficulty upwards or downwards to allow blocks to be solved within a consistent time frame every time.