BTC and ETH Network Hash Rate Update

Ethereum hash rate has been consistently increasing with a slight drop from June to July. These drops correlate directly with China’s crypto related bans, including mining, around that time. Recovery didn’t take long at all, with most major miners finding new homes very quickly. Many miners are seeking refuge in the US and Kazakhstan. The same can be said about Bitcoin’s network hash rate. Unlike Bitcoin, Ethereum has fully recovered from the drop and is consistently breaking all time highs. Miners are likely trying to stack as much as possible before the incoming switch from proof-of-work to proof-of-stake.

Bitcoin had a stronger reaction to China’s crypto bans and resulted in a steeper drop than ETH, but is nearing full recovery.