After a strong decline in the value of cryptocurrencies as a result of the tough actions of the Chinese administration against miners, many crypto-miners began to go out of business and sell off their farms. As a result, the computing power of the Ethereum and Bitcoin networks has significantly decreased.
If earlier, at its peak in April this year, the computing power of the Bitcoin network reached 200 TH / s, now it is at 93.5 TH / s. The computing power of the Ethereum network sank from almost 644 TH / s in May to 487 TH / s on July 7 (and has now risen to 507 TH / s).
According to the source, a 17% decrease in the computing power of Ethereum is equivalent to the withdrawal from the market of about 895,000 GeForce RTX 3090 video cards (based on the performance of each 120 MH / s), which is clearly a lot. Of course, this is just a visual example, since a wide variety of video cards and equipment are used to mine Ethereum, but the scale is certainly impressive. In early August, Ethereum developers plan to implement the London update, which will ensure the transition from Proof-of-Work consensus to Proof-of-Stake, after which miners and the computing power they generate will not be needed to maintain the network. And this will further reduce the computing power of the network, and even more video cards that were involved in the mining of cryptocurrencies will flood the market.