Hash rate Ethereum in the last month decreased from 294 TH/s to 246 TH/s, thus returning to the February level. This decline has been the largest not only in the current year, but possibly ever since the start of the blockchain in 2015.
Such dynamics suggests that many of the miners began to consider the mining of Ethereum as an unprofitable occupation, and decided to temporarily disable your GPU farm or transferring them to other coins.
Reduction Hasrat happening against the backdrop of a similar dynamics of prices of cryptocurrency, which recently updated its low below $170, and then returned to around $220. At the same time the miners were not able to cover their costs, as the cryptocurrency has passed the lower limit of production at current Hasrat, as it was with bitcoin in 2014-2015 when a lot of miners went bankrupt, said Trustnodes.
Recently in the network there were suggestions that has been developed a super efficient miner for Ethereum, but the data did not confirm this information. In the case of bitcoin, for example, the issue of efficient ASIC miners led to a jump in hash rate yet. In Ethereum, as we see, the number is reduced.
And if the suffering of the miners in response to falling prices seem to be insufficient in the near future, they will decrease awards for units with up to 3 ETH 2 ETH, which in turn means a further fall of Fiat profit if the price of the cryptocurrency will not go up. However, there are probably those who hope to change the situation and is willing to take risks, taking advantage of lower competition.
Can see the fall recently observed in the network of bitcoin, although he had not experienced such a dramatic price spikes at the same interval. Analyst Fundstrat Sam Doctor look at the problem in a broader temporal context, draws attention to the fact that in may of BTC hash rate has doubled, so continuing to go against the price trend.
“Despite the bear market, the hash power of BTC has doubled. The growth in energy consumption has led to the break-even point of mining bitcoin is now at $7 300 vs $6 000 in may,” he wrote on Twitter. Discuss current news and events on the Forum