Ethereum Hashrate Slides As Falling Price, Rising Energy Costs Trouble Miners
Rising energy costs, crypto market decline, and Ethereum's upcoming shift to POS delivers a triple whammy for miners.
Ethereum’s hashrate, a computational notation used to measure the security of the network based on mining activity, recorded an accelerated decline from April.
This processing power suffered more than a 10% plunge as the value of mining proceeds plummeted due to ETH’s price which has been in freefall lately. On a year-to-date chart, miners’ activity slopes to about 900 TH/s after peaking above 1,000 TH/s this June.
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