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Ethereum (ETH) Hashrate Continues to Decline
According to Etherscan, the Ethereum network recorded a hashrate of 15,0079.7621 GH/s on Feb. 22. Despite a small increase in February, this is still a far cry of from its August's peak of 295,911.9974 GH/s.
On the brink of the Constantinople hard fork
Ahead of the upcoming Constantinople hard fork, which was previously delayed because of a detected vulnerability, the mining rewards declines due to the rise in mining difficulty.
When the above-mentioned hard fork takes place, the mining rewards will be reduced from three ETH to just two. However, as reported by U.Today, the 33 percent reduction has the potential to provoke another bull run.
Bitcoin’s in the same boat
The Bitcoin network also saw its hashrate decreasing due to the exodus of miners. However, as of recently, there was a spike in hashrate since the declining mining difficulty made mining more attractive again.
Some Chinese miners are still able to profit off Bitcoin mining even in the middle of the crypto winter because of cheap electricity.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.