The network hashrate of any cryptocurrency can tell an interesting tale. In the case of Ethereum, the hashrate is certainly on the decline as of late, albeit a bounce could be imminent.
When looking at the ethereum hashrate chart, a worrisome trend becomes apparent.
The Ethereum Hashrate Struggle Continues
Just three months ago, the network’s mining power was close to 200 terahash per second.
Ever since, it has dropped to 165 terahash today, after overcoming a dip to just below 150 TH/s.
Why this rate is declining so rapidly, remains a mystery to everyone.
The price of ether has not fallen much in recent months.
However, with no real increase to note either, mining hasn’t become more profitable for most.
There have been some rumors as to how some big miners may have shut down their operations.
That would certainly explain this massive decrease in overall hashrate for ethereum.
Since the big dip in late December 2019, the network mining power has begun to increase once again.
However, remaining above 165 terahash per second remains incredibly difficult, for reasons unknown.
With the recent network upgrades in the books, one would expect a bigger interest in mining ether, as the block reward hasn’t reduced yet.
For now, it remains unclear where the ethereum hashrate will head in the coming months.