ETH Hashrate Keeps Rising While Chinese Miners Get More Machines and Gas Price Drops

News
Wed, 10/14/2020 - 11:38
Yuri Molchan
While ETH gas prices have plunged to a three-month low of 36 Gwei, Ethereum hashrate keeps rising and ETH miners are buying more machines
ETH Hashrate Keeps Rising While Chinese Miners Get More Machines and Gas Price Drops
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As reported by 8BTC, the Ethereum hashrate continues to rise and thrive, while the gas price is still dropping and ETH miners are acquiring more mining gear.

Ethereum hashrate keeps going up, contrary to gas fees

According to a piece by 8BTC, Ethereum gas prices have seen a major decrease to 36 Gweia 93 percent fall from the recent peak.

Besides, Etherscan has showed that the overall hashrate of the second biggest blockchain, Ethereum, is still growing.

These two factors are making ETH miners put their spare funds in the acquisition of extra gear for cryptocurrency mining.

As per Etherscan, on Oct. 13, the average hashrate of Ethereum totaled 265,919 Th/s.

ETH
Image via Etherscan

ETH hashrate shows a rise over 80 percent in 2020

On Aug. 9, 2018, the ETH hashrate surged to a historic high of 295 Th/s and then stared decreasing. In January of this year, the network's hashrate grew from 128 Th/s, and July saw the start of a quick and stable surge here due to the expansion of the DeFi-based yield-farming industry accelerating.

Prior to the current increase, the ETH hashrate showed a major rise on Oct. 6, when it surpassed the 250-Th/s mark, as reported by U.Today.

Thus, in the nine months of 2020 that have already passed, miners have pushed the hashrate up 80 percent. The network is strong at the moment.

8BTC writes that, due to the continuous growth of the hashrate and falling Gwei prices, ETH miners are frantically purchasing new mining gear to expand their business and profits.

Video cards are out of stock now in China, so a lot of miners cannot get them at the moment. The article states that miners really want to get their hands on those cards.

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Investors keep gaining ETH

According to data shared by Glassnode analytics provider, studies show that more and more small-size retail investors are entering the ecosystem.

The amount of ETH wallets that contain 0.1 ETH and non-zero ETH addresses have reached new all-time highs, along with ETH exchange deposits.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.