Bitcoin’s Hashrate Plunges, Eth’s Stays Stable
Bitcoin’s hash has fallen by 40%, down from 136 exahashes to now 80 after a price crash of circa 50%.
That suggests bitcoin miners were operating at a just about profitable level, with the hashrate rising significantly until the plunge as pictured above.
It could also be perhaps because some mining facilities in the west have closed, but in that case you’d expect movement in eth’s hash too instead of a fairly peculiar stable level.
Eth’s hash has more than halved from $280 to now $120, but the hashrate quite strangely doesn’t seem to care at all.
One reason might be because they mine based on profitability and distribute GPUs across hundreds or thousands of coins that are GPU minable.
So presuming the profitability of mining a coin remains unchanged even though price has, then there might not be much of a reason to change the hash distribution between coins.
That suggests mining eth remains profitable even at these levels as otherwise you would have expected them to turn off some GPUs.
Alternatively maybe they’re hanging on, with hash in eth not rising much at all even as its price rose, unlike in bitcoin, and thus now not falling either.
It appears thus hash is a lot more responsive to price in bitcoin than in eth, but in both coins miners are probably struggling currently.
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