Ethereum’s hashrate has plummeted more than 25% since its peak level in mid-May. This is the direct result of China’s crackdown on cryptocurrency mining and the resultant exodus of mining operations.
According to Bitinfocharts, the Ethereum network hashrate hit an all-time high of 585.5 TH/s (terahashes per second) on May 20. In the weeks that followed it slumped to a three-month low of 434.3 TH/s.
The 26% decline over just six weeks has been the one of the sharpest falls in Ethereum’s history. Just 40 days after the hashrate hit its peak, it had plunged 17% in just 10 days. This is the worst drop in a 10-day span in Ethereum’s history according to data from Glassnode.
During the 2018 crypto winter, Ethereum hashrates fell 57% but they did so over several months.
Kicking Out The Ethereum Miners
Hashrate, which is a measure of network computing power, is loosely correlated with ETH price. As the asset gains value, mining becomes more profitable, attracting mining resources to th
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