The hash rate of the Ethereum blockchain hit a record high on the 12th, suggesting that the worst effects of China’s tightening of regulations might have passed.
According to a report by Etherscan, the hash rate on the 12th was 715.4 tera-hash (TH) /sec, and OKLink was 677.9 TH /sec. Both platforms have confirmed that it was the highest hashrate seen in Ethereum’s history.
The hash rate has been on the rise since the end of June. Previously, the record held at was May 19th, 632.8TH / sec for Etherscan and 604.5TH / sec for OKLink.
China has been clamping down on crypto asset mining since the State Council’s official announcement on May 21. The hash rates of Ethereum and Bitcoin have declined as miners stopped mining, leading to many moving their equipment and operations overseas.
OKLink’s senior researcher Eddie Wang noted that the rise is also due to changes in minor expectations. Miners and analysts expected that there might be a reduction in minor earnings Since Ethereum’s “London” update on August 5.
However, increase in demand, such as the issuance and trading of non-fungible tokens (NFTs) has maintained the miner’s revenue. It has also resulted in an increase in new miners as well.