According to U.today, Ethereum's mining power has faced another surge and reached a new all-time high as the cryptocurrency market in general faces another wave of selling pressure caused by increased risk-off tendencies on global financial markets. The continuous increase in the mean hashrate of Ethereum was observed since the summer of 2021 when the Chinese government decided to initiate the crackdown on the mining industry, which caused a rapid drop in mining power on all cryptocurrencies functioning on the PoW protocol.
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