Ethereum hash rate hits new highs after miners resume work outside China
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Answer Ethereum hash rate hits new highs after miners resume work outside China
The hash rate of Ethereum recently reached an all-time high.
Miners have resumed operations despite the aggressive approach taken by the Chinese authorities earlier this year.
The ban on mining in China disrupts the march of Ethereum:
The hash of Ethereum reached a peak of 632.8 TH/s on May 19, 2021, after increased activity on the network, and the price of Ethereum reached the level of $4,300.
At a later stage the hash rate began to suffer after the Chinese authorities launched a complete crackdown on crypto-related activities, especially mining, on May 21, 2020.
Not only did the move cause the price of Ethereum to drop from $3,399 to $2,502, but it also hurt the hashrate of the network as the hash rate fell to its lowest level in three months.Read:CEO of PAX Stablecoin Comments on Tether (USDT) Issue
This happened because miners had no choice but to shut down their mining rigs and move to countries with more crypto-friendly regulations.
Ethereum hash rate reaches record high:
In September 2021, after the number of Ethereum miners in China decreased, it appears that many of them have resumed operations in other regions, which is evidenced by the increased computing power on the network.
According to data from Etherscan, the network’s hash rate reached an all-time high of 715.4 TH/s on Sunday, indicating that miners have recovered from the effects of the Chinese crackdown.
Bitcoin hash rate also recovers:
At the same time, computing power and bitcoin hash rate also started to recover from the Chinese crackdown and continued to strengthen and improve as more bitcoin miners resume their activities in a more friendly atmosphere.
As previously reported, metrics like hash rate and difficulty adjustment on the BTC blockchain show that the worst may be over for the network.
Interestingly, the Bitcoin hash rate has doubled since its lows in 2021 and is currently above 130 GH/s.Read:Fear spreads among investors as Bitcoin struggles to recover
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