The Ethereum network’s hash rate reached 646.7 TH/s, setting a new all-time high, according to data from Etherscan.
The metric surpassed the previous record of 643.8 TH/s, reached on May 20.
Amid a crackdown on mining in China, the network’s hash rate collapsed to 479 TH/s by the end of June.
Bitcoin’s hash rate followed a similar trajectory, dropping from 197 EH/s to 78 EH/s (per BitinfoCharts). The migration of miners from China and expansion of mining capacity outside the country contributed to a recovery, but at the time of writing the metric had not approached the May peak and stood at 137 EH/s.
According to The Block‘s analysts, Ethereum’s hash rate reaching a record level was fueled by the ongoing growth of the DeFi sector and the ongoing boom in non-fungible tokens (NFTs).
According to DappRadar, on August 10 the value of assets locked in DeFi protocols on the network reached $135.7 billion, up from $85 billion at the end of June. At the time of writing, the figure had been revised to that level.
As reported, the recovery of Bitcoin’s hash rate after June’s decline led to three consecutive increases in mining difficulty as a result of recalibrations. On August 25 the metric rose more than 13%.
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