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Tuesday | September 28, 2021
Ethereum’s hash rate has dropped by 19%

Ethereum’s hash rate has dropped by 19%

In one short month, the hash rate of ethereum has dropped by 19% (Global Hash Rate). For those who are very far from cryptocurrencies, this rate represents the total power used in block generation. More precisely, it mirrors the amount of dedicated hardware (mainly GPUs) used to generate this crypto. This sharp drop is obviously linked to the recent shift of the Chinese authorities towards a certain repression of the mining actors. The figure obtained here underlines the huge impact of China on the mining industry. Ethereum We’ve talked about it at length here, but lately the Chinese government has been looking to stamp out crypto-currency mining in their country. The authorities’ efforts are focused on specific regions, such as Sichuan, Yunnan and Inner Mongolia, where energy costs are lowest. At the same time, the country’s financial institutions have embarked on a massive anti-crypto campaign. The first step is a ban on payment companies “providing services related to crypto-currency transactions,” including trading, clearing, registration and settlement. Finally, the People’s Bank of China also stated that virtual currency “is not a real currency” and “should not and cannot be used as a currency in the market.” The impact has been primarily targeted at Bitcoin, but other cryptocurrencies are known to cascade in response. mining-farm This sudden drop explains in large part the relative relaxation that we seem to see in the market for graphics cards in recent days. Because in China, in recent weeks, the use of GPUs for mining is a business in perdition. So this could be the beginning of the end for GPU-based mining. With the declining profitability of Ethereum andthe imminent prospect of a shift to Proof of Stake, many casual miners but especially investors, are starting to disengage. A situation that leads to a massive influx of second-hand GPUs on the Chinese market.

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Edited by Calliers

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