• During the NFT summer, Ethereum’s hash rate reaches new highs

  • Ethereum’s hash rate has surpassed 600 TH/s for the first time on a seven-day moving average. Following a substantial drop in July, it has recently returned to breaking new highs.

    In May, while the network was accelerating swiftly, Ethereum’s hash rate nearly reached 600 TH/s. However, a restriction on bitcoin mining in China — which extended to Ethereum but had less of an impact — resulted in a significant drop in the months that followed. The hash rate dropped as low as 465 TH/s by July.

    However, as miners moved their equipment outside of China — or sold it to other miners at lower prices — some of this hash rate may have begun to return, along with increases in other countries. As a result, the hash rate has recovered to its previous peak.

    This comes at a time when the excitement around NFTs is at an all-time high, with digital rocks selling for millions of dollars and fractionalized NFTs reaching absurd implied prices. This has resulted in increased blockchain activity, in addition to the numerous decentralized banking and other use cases that already exist.

    However, as miners moved their equipment outside of China — or sold it to other miners at lower prices — some of this hash rate may have begun to return, along with increases in other countries. As a result, the hash rate has recovered to its previous peak.

    This comes at a time when the excitement around NFTs is at an all-time high, with digital rocks selling for millions of dollars and fractionalized NFTs reaching absurd implied prices. This has resulted in increased blockchain activity, in addition to the numerous decentralized banking and other use cases that already exist.

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