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Ethereum's Hashrate Reaches New All-Time High
Summary: Ethereum's mining power has reached a new all-time high as the cryptocurrency market in general faces another wave of selling pressure caused by increased risk-off tendencies on global financial markets. The continuous increase in the mean hashrate of Ethereum was observed since the summer of 2021 when the Chinese government decided to initiate the crackdown ...
Ethereum's mining power has reached a new all-time high as the cryptocurrency market in general faces another wave of selling pressure caused by increased risk-off tendencies on global financial markets.
The continuous increase in the mean hashrate of Ethereum was observed since the summer of 2021 when the Chinese government decided to initiate the crackdown on the mining industry, which caused a rapid drop in mining power on all cryptocurrencies functioning on the PoW protocol.
Previously, Ethereum developers announced the soon-to-come switch of the network to a PoS protocol, which will turn off the mining of the coin completely. Validators will replace miners and will act as the main block exploring power. Currently, every user on the network can become a validator by sending funds to the Ethereum staking contract.
By Amy Liu
