Bitcoin miners are not the only ones suffering from repression in China. Forced to suspend equipment and those pools that provide the computing power of the Ethereum network.
Over the past two weeks, there has been a rapid decline in the ETH hashrate.
An important development was the recent decision by the State Council of China to deal a devastating blow to crypto trading and mining.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
After that, the authorities of the large provinces of the Celestial Empire began to order the miners to turn off the equipment. Allegedly, the mining of cryptocurrency poses threats to the energy supply of the regions. In two weeks, Ethereum's hash rate dropped by about 20%.
The computing power of the bitcoin network over the same period of time collapsed by almost 50% to 86.28 exahashes per second (EH / s).
At the same time, prices for mining equipment have dropped noticeably in China. Local companies began to massively sell devices for crypto mining, which led to a drop in their value amid weak demand.