Ethereum has managed to reach new levels, as miners migrating outside of China have successfully resumed their mining operations with a great comeback.
According to reports, Ethereum’s Hash Rate has had a huge rise, as the crypto has managed to achieve a new record of its best hash rate values. It appears that miners have managed to migrate from the Chinese territory and continue their mining operations in other locations. Chinese Authorities have been strict towards the miners, but it looks like there is not stopping miners from resuming their operations.
Ethereum’s Roller Coaster Ride
Back in mid of May this year, the recorded maximum Ethereum hash rate was about 632.8 TH/s because there was a huge rise in the usage of Ethereum, bringing the asset to a price peak of $4300 in value. But then, the big Chinese crackdown was initiated, which led to the huge decrease in both Ethereum value and overall hash rate, as mining operations and facilities were ordered to seize all operations in China. The crackdown was so severe that Ethereum had dipped to a price low of $2500, the lowest value recorded in three months of time.
Ethereum Hash Rate Recovery
As of now, many of the Ethereum miners have left China and started to look to other regions to continue operations, and it looks like they are up and running again successfully. The current hash rate recorded on the network reached a new level just recently, rising to 715.4 TH/s, beating the previous records by a significant margin, highlighting that those miners have managed to continue their operations with great force. This highlights how the miners have managed to resist the hurdles and continue to meet the increasing demands of Ethereum from NFTs and DeFi Application backers.
Bitcoin also Benefiting
Moving right beside Ethereum, the hash rate of Bitcoin has also shown quite a reasonable recovery, as miners have resumed operations outside the Chinese Territory. As of now, the Bitcoin hash rate on the network has been recorded to be 130 GH/s and increasing, showing that the hash rate has risen to two times that of previously recorded lows. This situation highlights that Bitcoin might be staying at the top for quite a bit longer than anticipated.