Crypto Alliance
Ethereum hash rate falls as profitability declines
Since April, the hash-rate of Ethereum has dropped by 10% because mining has become much less profitable. Over the past three months, the price of Ethereum has trended downwards from 3,500 to a low of 900. The drawdown in prices means that miners now earn less in dollars. The triple toxic mix of reduced income, increased operating costs, and the impending merge has caused some miners to stop their mining operations. This means that miners have to sell their balances to pay for mining and other costs of running their business. It is likely that many newly started mining operations will close down or be acquired by some of the larger, more established ones. It would be interesting to see how miners tackle this in upcoming days if the (BTC-ETH) price dropped more.