Advertisement
AD

Main navigation

Ethereum's Hashrate Reaches New All-Time High Amid Market Bloodbath

Advertisement
Sun, 20/02/2022 - 15:36
Ethereum's Hashrate Reaches New All-Time High Amid Market Bloodbath
Cover image via stock.adobe.com

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.

Read U.TODAY on
Google News
Contents
Advertisement

Ethereum's mining power has faced another surge and 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.

But at the same time, the rapid drop of the hashrate in 2021 helped Bitcoin and other cryptocurrencies to avoid the selling pressure that was coming from cryptocurrency miners and create a supply deficit on the crypto market.

Ethereum switching to PoS

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.

Related
NFT Marketplace OpenSea Suffers Massive Phishing Attack

Currently, every user on the network can become a validator by sending funds to the Ethereum staking contract. In order to do so, users have to move 32 ETH to the contract that will lock those funds until the user decides to withdraw his or her Ether from the network.

Ether's market performance

At press time, Ethereum is mostly following the general trend on the cryptocurrency market and losing approximately 5% of its previously gained value. The last week also was not a relief for ETH investors as the second-largest cryptocurrency has lost more than 17% of its value in a matter of four days.

Currently, Ethereum is moving at September's price level and has already lost more than 45% from its current all-time high reached back in November 2021.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD