Ethereum PoW Network Sees 52% Rise in Hashrate and 70% Coin Value Increase
Ethereum’s PoW Network is Currently Experiencing a Boom
In recent months, Ethereum’s Proof-of-Work (PoW) network has experienced increasing demand. This is primarily due to the general market upswing.
Increased Activity in the Ethereum PoW Network
The Ethereum PoW network, also known as ETHW, has seen a significant increase in activity in recent weeks. This follows a longer phase of decline, where demand for the blockchain had dropped to a minimum.
A key indicator of increased demand is the network’s hashrate, which has been steadily rising since November 20. According to data from 2Miners.com, the network’s hashrate had dropped by 65% in the previous 14 months. A decrease in a network’s hashrate is often due to a loss in value of the associated cryptocurrency, making mining less profitable and prompting miners to leave the network.
Hashrate and Coin Value Increase
Since November 20, however, the Ethereum PoW network’s hashrate has increased. At 16.28 TH/s at the time of the press release, it has risen by 52% since then. This increase in hashrate goes hand in hand with the increase in the value of the associated coin. According to CoinMarketCap data, the price of ETHW has increased by 70% in recent months.
Increase in Mining Difficulty and TVL
As expected, the increase in mining activity has also led to an increase in mining difficulty. At the time of the press release, the Ethereum PoW network difficulty was 209.59T, representing a 55% growth since November 20.
In addition, the total value of assets locked in the DeFi protocols of the Ethereum PoW network (TVL) has also increased, as data from DefiLlama shows. The uptrend began on November 22, and since then, the network’s DeFi TVL has increased by 90%.
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Network Activity in the Last 24 Hours
According to data from OKLink, Ethereum PoW has seen an influx of new addresses in the last 24 hours. The on-chain data provider reports that 2469 new addresses were created on the blockchain, increasing the total number of addresses on the chain to 381 million.
Sources:
2Miners.com, CoinMarketCap, DefiLlama, OKLink
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