Ethereum network Total has rate keeps dropping.

[Marvell2]

Most likely I think what is happening now is miners aren't shutting off their rigs they are just mining other coins like XMR.

The XMR profit with a RX GPU is pretty much the same and it uses slightly less power.

Last time our difficulty was this low was back in April 2018. So not that much of a steep drop.

Exactly, now that eth/etc is basically almost the least profitable coin for gpus and we see the hash rate has not even gone down that much lol.

The is basically proving our point that its all asic hash anyways.  All the conspiracy theorists like asasb , and metroid who kept saying when eth goes pos all gpu mining will die can’t have been any more wrong.

ASIC mining will die as its damn near dying now lol , S9 negative profit, E3 negative profit Z9 coming next.

[shield132]

There is still a huge amount of people mining, very few even at loses (which is dumb and utterly stupid). Most ETH hashrate is related to ASIC mining and free or nearly free electricity , specially in China.

In Europe , you should be counting the people mining with your two hands (considering they are not stupid)

The real question is: will ETH recover?? my bet is NO. it will die, and it's dying fast. I stopped mining months ago, when profit after electricity costs was less than 100$.


Total hashrate , by this time, should have been no more than 100.000GH/s

Asic is a new thing in ethereum mining and can't agree you that most hashrate comes from asic mining. It comes from GPUs, for this reason it was almost impossible to buy gpu in normal price, everything was out of stock immediately.
Ethereum has some good features and is better than some other popular shitcoins but I have the same question: Will eth recover? I highly hope it will but current statistics makes me very pessimistic.

[mineshop.eu]

Asic is a new thing in ethereum mining and can't agree you that most hashrate comes from asic mining. It comes from GPUs, for this reason it was almost impossible to buy gpu in normal price, everything was out of stock immediately.
Ethereum has some good features and is better than some other popular shitcoins but I have the same question: Will eth recover? I highly hope it will but current statistics makes me very pessimistic.
[/quote]
I have no doubt it will recover , people are pessimist when prices are low, people are optimistic when prices are high. Bitcoin also has been in such situation , even more . It dropped from 1250 to 100usd in matter of days. I know people will always look for a reason why this is happening, traders doesnt need reasons. Ethereum is been picked on all the time now,
Ethereum isn’t the only currency getting slaughtered -10x , there are many more. Name it most currencies from top 10 Market cap has gone down in value -10x.
•   Top 3 XRP from 3.33 to 0.26
•   Top 4 BCH from 4091 to 421
•   Top7 LTC 330 to 50
•   Top 9 Cardano 1.22 to 0.06

[Marvell2]

Asic is a new thing in ethereum mining and can't agree you that most hashrate comes from asic mining. It comes from GPUs, for this reason it was almost impossible to buy gpu in normal price, everything was out of stock immediately.
Ethereum has some good features and is better than some other popular shitcoins but I have the same question: Will eth recover? I highly hope it will but current statistics makes me very pessimistic.

I have no doubt it will recover , people are pessimist when prices are low, people are optimistic when prices are high. Bitcoin also has been in such situation , even more . It dropped from 1250 to 100usd in matter of days. I know people will always look for a reason why this is happening, traders doesnt need reasons. Ethereum is been picked on all the time now,
Ethereum isn’t the only currency getting slaughtered -10x , there are many more. Name it most currencies from top 10 Market cap has gone down in value -10x.
•   Top 3 XRP from 3.33 to 0.26
•   Top 4 BCH from 4091 to 421
•   Top7 LTC 330 to 50
•   Top 9 Cardano 1.22 to 0.06

[/quote]

Your dead off, that was back in jan when prices were high.  Since feb gpus have been in massic stock at near retail prices, since no ones buying gpus anymore to mine eth as profits tanked.

during this time hash rate went from 200th to 280th how do u explain the large growth in hash when gpus were basically in stock and have actually been in overstocl since feb.

Don’t be fooled, as much as 50 percent of the hash rate is private asics and fpgas, as coins start switching to progpow and gpu miners keep shifting out i bet he hash rate keeps rising due to asics.

expanse is already moving to prog pow and i expect metaverse and etc to follow

[Pennywis3]

ETH grew on ICO's ( most of which were plain scams ) and miners.
The ICO's only started to dump a small portion of ETH on the market and look what it did to the price.
At the same time GPU miners are jumping ship for other algo's, most because of profitability, some, like me, because Vitalik clearly supports ASIC's and/or is in manufacturers pockets.

It was a mistake for Vitalik not so fork away from ASIC's when it was the time to do so, GPU miners and farms are not to be underestimated, they generate a lot of daily exchange volume.
BTC will probably go on a bull run soon and take a bit of ETH price with it, but in the long run there are dark days ahead for ETH.

[nc50lc]

The ICO's only started to dump a small portion of ETH on the market and look what it did to the price.

Any solid proof to support this claim?

Shifting and shutting-down miners are 100% fact though (look at the graph in the OP, whoa, it dropped soo much w/ sarcasm), but this shouldn't affect the price that much.
This is totally something like FUD-related dip.

Vitalik must have realized the issue with GPU producers and the damages it has been causing to the gaming industry.
At least, one less GPU-dependent coin can help the affected industry(ies).
Also, as observed on Monero, changing or innovating new algorithm more often (due to ASICs manufacturer's marketing plan) can be a pain in the ass for their developers.

[adaseb]

The ICO's only started to dump a small portion of ETH on the market and look what it did to the price.

Any solid proof to support this claim?

Shifting and shutting-down miners are 100% fact though (look at the graph in the OP, whoa, it dropped soo much w/ sarcasm), but this shouldn't affect the price that much.
This is totally something like FUD-related dip.

Vitalik must have realized the issue with GPU producers and the damages it has been causing to the gaming industry.
At least, one less GPU-dependent coin can help the affected industry(ies).
Also, as observed on Monero, changing or innovating new algorithm more often (due to ASICs manufacturer's marketing plan) can be a pain in the ass for their developers.

I can't find the link, maybe it you google it you can find it but some company that tracks ICO wallets said that in the last 30 days around $100 million was spent. By spent, they just mean sent so they also could of moved to a different address but most likely out of those $50 million is probably sold for BTC and fiat.

Some ICO last month said that they raised like $10 million during the ICO boom and panic sold all their ETH at $400 and instead of cashing out $10 million they only cashed out around $2-3 million or so.

In my opinion these ICOs unless they were exit scams, they all hired staff and rented office space and assumed the ETH price of $1000 would hold or at least $500 and had to choice but to sell to keep the company running.

[smoolae]

Maybe indeed this drop in total hashrate is caused by big miners shutting down and selling their rigs and GPUs . Kinda makes me wanna score some cheap GPU deals and reenter the whole mining game once again

[mitrajkt]

maybe it will continue to go down or even go up soon, who knows what will happen up or down everything is difficult to predict, and I hear some of them in the forum disappointed with eth, even selling out.

[mineshop.eu]

Your dead off, that was back in jan when prices were high.  Since feb gpus have been in massic stock at near retail prices, since no ones buying gpus anymore to mine eth as profits tanked.

during this time hash rate went from 200th to 280th how do u explain the large growth in hash when gpus were basically in stock and have actually been in overstocl since feb.

Don’t be fooled, as much as 50 percent of the hash rate is private asics and fpgas, as coins start switching to progpow and gpu miners keep shifting out i bet he hash rate keeps rising due to asics.

expanse is already moving to prog pow and i expect metaverse and etc to follow
[/quote]
Its all manipulation , GPU was out of stock till May, we had peorders waiting for month and couldn't clear them. And actually network hasrate hasnt changed much as the asics are realeased. They might be some 10% of whole network.
Asics on ETH isnt the same as Asics on Zcash ,  they cannot reach 50x speed increase at the same power usage. Also same thing with FPGAs To expensive per has then GPU. RX570 would be more profitable then VCU-1525 .