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Chinese ETH Miners Invest More in Machines as Gas Price Dumps

Ethereum gas prices have declined to 36Gwei, the three-month low since the DeFi boom, falling 93% from the peak. However, the data on the chain shows Ethereum network hashrate continues to grow, and the miners are frantically investing more in machines.

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According to the data from QKL123, the average network hashrate of Ethereum hit a historical high of 295T on August 9, 2018, and then began to decline. In January 2020, the data began to rise slowly from 128T, after July, it began to rise rapidly. Today, the average network hashrate is 260T. Overall, the network hashrate of Ethereum increase by about 100% in 2020.

On January 14, 2018, the price of Ethereum reached an all-time high of about 8900 CNY. However, eight months later, the average computing power of Ethereum reached its highest record, at this time, the price of ETH was only 2558 CNY, about 71% lower than the peak.

In other words, the peak of the average computing power of Ethereum will largely lag behind the price peak.

Compared with the historical value of Ethereum, the price of ETH has not changed much. In other words, if only from the perspective of computing power, the income of miners today is similar to that of the historical peak.

Now the video card is out of stock, and many Chinese miners can’t get it. The newly grew computing power of Ethereum mainly comes from the RX5700 of AMD. There are more from AMD, including 578, 588, and 598. Among them, 598 is the main force of this series.

“The current changes in network hashrate mainly depend on the coin price and the capacity of manufacturers. Under the current ETH price, if the AMD6 series video card and NVIDIA 30 series video card are produced in mass production, the miner’s willingness to buy machines is quite strong”

Said Zhang Songqing, founder of MinerOS, in fact, whether the paid-off cycle, the residual value of machines, or the imagination for the future, it seems that the attraction of Ethereum mining has surpassed that of bitcoin, while the computing power of Ethereum is difficult to soar, because the supply of graphics cards is controlled by the production capacity and market policies of upstream GPU manufacturers, so Ethereum network hash rate is difficult to rise like the that of bitcoin ASIC machine.

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