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  #1  
Old 06-07-21, 02:55 PM
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tinytomlogan tinytomlogan is offline
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Ethereum GPU Hash Rate Drops



The effect of the Chinese mining crackdown continues.

Ethereum GPU Hash Rate Drops

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Old 06-07-21, 04:33 PM
tgrech tgrech is offline
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Considering Chinese miners account for 80% of the worlds organised mining pools, and China has effectively banned the ability to profit from them there by cracking down on bank transactions, you'd think this would be a bit of a larger drop, their crackdown there is nearing a ban on global organised mining until any large surviving pools move.

Unfortunately this likely means mining will move to much less environmentally friendly areas than the regions of China that were profitable for crypto-mining, but it does free up a chunk of China's renewable resources at least, not a huge chunk of course as China produces more renewable energy than any other country in the world, but enough to make a difference on their ability to meet the Paris climate agreement targets without too much expense.

The long term value for Ethereum is likely unchanged as it's been on track to switch away from the mining based PoW model for a few years now, with the switch to miningless and miniscule energy use PoS tech now deep into progress and due to complete by the end of the year.
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Old 06-07-21, 07:51 PM
meuvoy meuvoy is offline
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Quote:
Originally Posted by tgrech View Post
Considering Chinese miners account for 80% of the worlds organised mining pools, and China has effectively banned the ability to profit from them there by cracking down on bank transactions, you'd think this would be a bit of a larger drop, their crackdown there is nearing a ban on global organised mining until any large surviving pools move.
If the US government suddenly said US residents weren't allowed to buy meat, everyone wouldn't just immediatelly obey! Some would be glad it happened, some wouldn't mind it and immediately obey, some would stock meat, some would just keep buying, etc, etc. Some people need to feel the consequences of their actions to take warnings and laws seriously, some others prefer to just move somewhere else, while some will wait a little to see if the decision isn't revoked. So no, it actually looks like the curve is going down as expected. and should keep trending down for a while.
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Old 06-07-21, 10:50 PM
tgrech tgrech is offline
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Originally Posted by meuvoy View Post
If the US government suddenly said US residents weren't allowed to buy meat, everyone wouldn't just immediatelly obey! Some would be glad it happened, some wouldn't mind it and immediately obey, some would stock meat, some would just keep buying, etc, etc. Some people need to feel the consequences of their actions to take warnings and laws seriously, some others prefer to just move somewhere else, while some will wait a little to see if the decision isn't revoked. So no, it actually looks like the curve is going down as expected. and should keep trending down for a while.
I get your point, but not being able to withdraw money into your local usable currency, because your bank is blocking any crypto related transactions, and then inevitably having police raid and physically close your business, if not already, is a bit different to just being told not to do something by law, I just thought China's crackdown would show through a little quicker.

Of course given as a drop was already inevitable as the mining profitability was already planned to be hashed this August with the EIP-1559 update (for the transition period leading up to the PoS switch coming up), it's soon going to be hard going to be say what influence on this chain China had vs the impact of the Ethereum developers plans, as both are intended to phase out the mining, just for different reasons.
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Old 07-07-21, 06:58 AM
ET3D ET3D is offline
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A larger percentage of Bitcoin was mined there than Ethereum, so Bitcoin was affected more.

Hopefully the move to PoS on the side of Ethereum will start an avalance that will make mining drop all over.
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