- Ethereum miners have also been significantly impacted by China’s BTC crackdown.
- ETH itself has seen a sharp decline over the past few weeks.
- The Sichuan government followed Xinjiang’s lead and issued a similar order on June 18.
Ethereum, the second-largest blockchain network by market capitalization, has also seen a visible drop over the past month. Ethereum has had a steeper decline, especially in the past two weeks since China’s high-level crackdown on bitcoin trading and mining activities happened.
Looking at Etherscan.io, the data shows that the network’s hash rate was on an upward trend. This was before reaching a recent top of about 643 terahashes per second (TH/s) on May 20. That’s the time when the Chinese State Council released a memo from a meeting about cracking down specifically on minings.
Still, two weeks after May 20, Ethereum’s network hash rate continued relatively st...
This article was first published on coinquora.com