Ethereum Sees Drop in Mining Activity

18 September, 2018

ETH Hashrate Plunges 20% in the past month


And while miners’ willingness to continue mining Bitcoin despite its price drop seems undeterred, and even more robust, the Ethereum network is suffering a massive drop in its hashrate.

According to data from etherscan.io, the ETH hashrate plunged 20% in the past month, from 294 TH/s to 246 TH/s. Bringing the cryptocurrency’s mining activity back to its February levels, the decline is the biggest in the past year and perhaps even since the coin’s inception in 2015.

The Ethereum network exhibited a series of troubles in recent weeks, weighing on the digital asset’s valuation. In the past month, the ETH price fell from around $400 to a low of $167 before inching up to its current level of around $200. The sliding price may be the reason for miners shifting away from the network, as they are reaching the cost of production floor.

And while there were recently some suggestions that efficient ASICs have been developed for ETH, the hashrate data does not back the rumors. The Fundstrat figures presented above show that in Bitcoin, where a number of new efficient ASICs have been showcased, the hashrate has been jumping despite the coin’s price drop.


Source link   Crypto currency: Ethereum


Blockchain Life 2019

On April 23-24 world blockchain and cryptocurrency industry meet at a 3d global forum - Blockchain Life 2019 in Singapore. More than 5000 participants from 70 countries are going to visit the biggest...

Will Crypto Exchanges be Able to Survive

Only the fittest will survive, or so the saying goes. This mantra does not only apply to the animal kingdom, it works in the business world also and surviving is what a lot of...

Why Crypto currencies Will Rise Again

The cryptocurrency market has undergone a great deal of turmoil over the past year or so. The idea of a cryptographically secure decentralized ledger laid the foundation for the...

Crypto VC firm seeking $60M amid bitcoin rout

It goes without saying that 2018 bear season savaged the broader crypto industry. Investors lost faith, Wall Street seemingly pulled out and entire startups...


Could Bitcoin Initiate a New Bull Cycle by 2019?

In the last 24 hours, the cryptocurrency market recovered by $4 billion as the Bitcoin price rebounded above $3,700. Several major crypto assets in the likes of Ethereum...

2019 a Year of Accumulation For Bitcoin

In the past 24 hours, the crypto market has recovered from $120 to $123 billion as the Bitcoin priceavoided a further drop below the $3,600 mark. The bitcoin price...

Bitcoin Exposed, ETF Hopes Dimming?

In the short-term, sellers seem to be in charge and yesterday's drop below our immediate support at $3,700 may lead to reductions towards $3,400 may lead to...

Why cryptomarket remains bearish in 2019

With the exception of Ethereum, which seems to have started the year with all guns blazing ahead of the Constantinople fork, it won't surprise anyone that the market analysts SFOX rate...