Bitcoin miners in China are not the only ones being affected by the country's high-level crackdown comment last month on bitcoin trading and mining activities. The total hash rate securing Ethereum, the second-largest blockchain network by market capitalization, has also seen a sharp decline over the past month, with a steeper drop particularly in the past two weeks. Data from Etherscan.io shows that the network's hash rate was on an upward trend before reaching a recent top of around 643 terahashes per second (TH/s) on May 20. That was the time when the Chinese State Council, the country's central government, released a memo from a meeting where top officials made comments about cracking down specifically on "bitcoin trading and mining activities." The comment initially sparked a cloud of uncertainty among Chinese miners who didn't know when the regulatory hammer would drop. The hash rate starts to fall
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Bitcoin miners in China are not the only ones being affected by the country's high-level crackdown comment last month on bitcoin trading and mining activities. The total hash rate securing Ethereum, the second-largest blockchain network by market capitalization, has also seen a sharp decline over the past month, with a steeper drop particularly in the past two weeks. Data from Etherscan.io shows that the network's hash rate was on an upward trend before reaching a recent top of around 643 terahashes per second (TH/s) on May 20. That was the time when the Chinese State Council, the country's central government, released a memo from a meeting where top officials made comments about cracking down specifically on "bitcoin trading and mining activities." The comment initially sparked a cloud of uncertainty among Chinese miners who didn't know when the regulatory hammer would drop. The hash rate starts to fall
