The electrode looks ok. The tip or nozzle is toast. Looking like the tip is being over amped. IE: 30 amp tip orfice being run at 45 amps.
I’m sure the Hypertherm guys could elaborate.
I thought you said you were using a Razorweld . Those are Hypertherm consumables?
Langmuir sells them. There are lots of Chinese sellers selling stuff that they say works on the Razorweld.
Do not use Hypertherm consumables on your Razorweld as most of the time they don’t work or cause damage to the torch.