In recent days, news has come out about the fall of cryptocurrencies. This is partly due to the effects that large mining farms full of GPUs have suffered. The drop in demand is affecting the sale prices for those who want to buy a new graphics card, which has dropped as there are more GPUs available for purchase and is seen with the drop in Ethereum's hash rate.
As seen in a recent chart, the Ethereum hash rate has taken a huge drop. All this caused by the anti-cryptocurrency actions of China, one of the territories where it is more profitable to mine cryptocurrencies.
[amazon box=»B0929D4CDZ» title=»Ethereum Physical Coin» star_rating=»none» template=»table»]Ethereum has hit a slump in its production
China has recently had a big movement against the use of resources by cryptocurrency mines in areas with the cheapest electricity. This has led to many huge farm closures, which has had a fairly large side effect on the amount of cryptocurrency being mined. An example is Ethereum, which has seen its hash rate reduced.
Etherscan is a website that tracks Ethereum's current hash rate. The last month has seen a huge drop in the overall hash rate of the coin, perhaps indicating that Ethereum is no longer as profitable as it used to be. Although this is only that some farms in China have been closed, but it is seen that there is an efficiency drop of about 140000 GH / s.
Does this mean that Ethereum is on its way to being unloved? The truth is that that is still a long way off. Although China is one of the main producing markets due to the low price of electricity, many other markets remain. It could also increase its demand if it begins to be used as legal tender in several large companies and territories, as is the case that El Salvador It has already started its path to accept Bitcoin as legal tender at the national level.
Source: Overclock3d
