As Ethereum’s value fell during the most recent crypto slaughter, Ethereum miners saw their profitability fall.
As miners were forced to shut down, the energy consumption of some of the biggest bitcoin networks decreased by as much as 50%.
Analysts anticipate that the ETH rally will continue after the value of Ethereum saw a pattern reversal.
Despite the decline in mining profitability, the price of Ethereum is still rising. Electrical energy use decreased along with the economics of mining Ethereum declining, as nearly 50% of miners were forced to shut down and stop operations.
As profitability plummeted, miners left the Ethereum community.
The cost of operating mines increased as a result of the most recent crypto bloodbath. As Ethereum’s value fell during the most recent crypto slaughter, miners in the Ethereum community had to deal with difficulties. Consultants projected that miners will leave the two largest cryptocurrency networks, Bitcoin and Ethereum, as electrical energy consumption fell.
On May 23, the Ethereum community’s electrical energy consumption was 93.98 TW/h, and there was a sharp fall shortly after. The community’s monthly electrical energy consumption fell by almost half, to 47.43 TW/h.
