Bitcoin miners are not the only ones affected by the Chinese government’s order to ban mining. Ethereum’s hashing power has also plummeted in recent weeks, down 20%.
According to Etherscan.io, on May 20, the average hash rate of the Ethereum network reached 643 terahashes per second. Over the next two weeks, it remained stable at 600 TH / s. A sharper decline followed on June 9, when the authorities in China’s Xinjiang province decided to ban mining activities in the region and cut off electricity supplies to registered mining farms and private miners. On June 18, the Sichuan Provincial Administration issued a similar order.
This has led mining farms to close or move out of these Chinese provinces, which had previously attracted them to their abundance of hydroelectricity. As of June 24, the hash rate of the Ethereum network has dropped to 493 TH / s, down nearly 20%. In comparison, the total hashrate of the Bitcoin network fell below 100 exhashes per second, down almost 50%.
Meanwhile, the hashing power of the Sparkpool in Hangzhou has dropped to 85 TH / s, up from 150 TH / s a ​​week ago. The Chinese mining pool Poolin was even forced to suspend payments for mining Bitcoin and tokens tied to the Ethereum hash rate. This is also due to the recent actions of Chinese regulators.
The ban on mining in China has led to the oversaturation of the secondary market with ASIC miners. Therefore, this week the manufacturer of mining equipment Bitmain suspended the sale of devices. In addition, over the past month, prices for various models of graphics processing units (GPUs) have dropped by 20-50%.

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