Coinscreed
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $30,037.00-1.04% 24H
    BITCOIN
    24H : -1.04%
    Volume : $25,043,712,642.00
    Marketcap : $572,461,707,130.00
  • ethereumEthereum(ETH)
    $2,047.83-1.29% 24H
    ETHEREUM
    24H : -1.29%
    Volume : $16,181,667,124.00
    Marketcap : $247,728,310,995.00
  • binancecoinBNB(BNB)
    $300.52-1.64% 24H
    BNB
    24H : -1.64%
    Volume : $1,458,062,961.00
    Marketcap : $50,568,564,273.00
  • rippleXRP(XRP)
    $0.428-1.85% 24H
    XRP
    24H : -1.85%
    Volume : $2,161,497,686.00
    Marketcap : $20,722,839,959.00
  • cardanoCardano(ADA)
    $0.566-1.74% 24H
    CARDANO
    24H : -1.74%
    Volume : $805,411,550.00
    Marketcap : $19,177,003,097.00
  • terra-lunaTerra(LUNA)
    $0.000181.40% 24H
    TERRA
    24H : 1.40%
    Volume : $764,041,256.00
    Marketcap : $1,193,273,521.00
Coinscreed
No Result
View All Result
homerun token
Home Ether Price

China’s cryptocurrency crackdown leads to a fall in Ethereum Mining Hashrate

LollyCrypt by LollyCrypt
11 months ago
in Ether Price, Ethereum News, News
Reading Time: 3 mins read
A A
Share on FacebookShare on Twitter
The crackdown on cryptocurrency miners by the Chinese government is not only telling on Bitcoin but also has a role to play in the Ethereum mining hash rate.
China's cryptocurrency crackdown leads to a fall in Ethereum Mining Hashrate

According to data from Etherscan, the Ethereum mining hashrate, which peaked at 643,805.8731 GH/s on May 20, 2021, is rapidly declining.

After decreasing by a staggering 21,397.4621 in two days, the hashrate is now at 493,929.6709 GH/s.

SuggestedArticles

CFTC commissioner Kristin Johnson to sponsor agency’s Market Risk Advisory Committee

43 mins ago
Terraform Labs' legal team leaves company, citing concerns for crypto users

Terraform Labs’ legal team leaves company, citing concerns for crypto users

1 hour ago

A Proof-of-Work (PoW) consensus mechanism is also used in the current Ethereum blockchain.

Miners in the Ethereum network, like those in the Bitcoin network, must validate transactions by solving a series of computational challenges in order to register transactions within a block.

These operations are carried out via mining devices such as Bitmain’s Antminers, and the migration of miners from China has disturbed the mining ecosystem and hashrate.

The mining hashrate for Ethereum has been continuously increasing since December 2019, as shown in the graph above.

While there were some minor hiccups in the months before, the third quarter of 2020 saw a more significant increase.

The period came to a close at a time when both retail and institutional investors were enthusiastic about the digital currency ecosystem as a whole.

Following the decrease in hashrate on the Ethereum blockchain, there was a corresponding reduction in price.

The world’s second-largest digital currency, according to TradingView’s daily ETH/USD chart, began a widespread downward movement on May 12th.

This reversal in price was preceded by the coin’s All-Time High (ATH) of $4,300, which occurred during the period when the hash rate was at its highest.

With the drop in value, we can observe a positive link between price and Hashrate, and while China has disturbed the mining ecosystem, a return to normalcy as miners look for options abroad might put prices back on a growth path.

The MACD indicator is currently below the signal line, signaling that the decline in the short term is far from over.

A fundamental shift or return of large-scale mining might spark technical indicators to reverse the market run in the medium and long term.

Tags: ChinaCrackdownethereumHashratemining

BTC365

Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.