- Ethereum’s (ETH) hashrate hits a new all-time high (ATH).
- Many miners have started mining activity outside China.
- The hashrate on the Bitcoin network has also started to recover
Recently, Ethereum’s (ETH) hashrate hit a new all-time high (ATH) as miners have continued operations outside China. This is because earlier this year Chinese regulators had made a crackdown on crypto regulations
Hashrate is measured in solutions per second; it will reflect the performance of mining hardware. And the solution in Ethereum known as a hash. Accordingly, the hashrate of the Ethereum network will reflect the overall performance of all miners in the ETH network.
On May 19, 2021, Ethereum’s (ETH) hashrate reached 632.8 TH/s. And on May 21, 2021, the Ethereum hashrate began to suffer because the Chinese regulators launched a full crackdown on crypto regulation in China, especially mining. This crackdown does not affect only the trading price of Ethereum but also affected the network’s hashrate as it lowered to a three-month low. Because miners had no other option but to stop their mining rigs and relocate to countries that accept the crypto regulations.
Furthermore, in September 2021, the total number of ETH miners in China has decreased and many miners have started mining activity in other regions. This shows the increasing computing power on the network.
Henceforth, on Sunday Ethereum Network hashrate had hit its all-time high of 715.4 TH/s. This increase in hashrate shows that miners have recovered from the impact of China’s crackdown. Additionally, the hashrate on the Bitcoin network has also started to recover from the effects of China’s crackdown and has continued to strengthen as more BTC miners continue their activities in a friendly atmosphere.
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