Ethereum's Hash Rate Broke A Record

Ethereum's Hash rate faced a fluctuation and broke a record, reaching an all-time high as a result of the selling pressure.

The steady increase in the Ethereum hash rate began in the summer of 2021, when the Chinese government decided to put the pressure on the mining industry, which led to a rapid decline in the mining power of all cryptocurrencies operating on the PoW protocol. But at the same time, the rapid decline of the hash rate in 2021 prevented the selling pressure of Bitcoin and other cryptocurrencies from cryptocurrency miners and helped create a supply gap in the crypto market.

Ethereum moves to PoS

Ethereum developers have announced that the network will soon switch to a PoS protocol that will completely shut down coin mining. Validators will replace miners and act as the main block that discovers power. Currently, every user in the network can become a validator by sending funds to the Ethereum staking contract. To do this, users need to move 32 ETH into the contract, which will lock those funds until they decide to withdraw their Ether from the network. Ethereum mostly follows the general trend in the cryptocurrency market and has lost around 5% of its previously earned value. Last week, ETH investors were nervous as Ethereum lost more than 17% of its value in four days. Currently, Ethereum is moving at its September price level and is down 45% compared to the all-time high reached in November 2021.