The Ethereum network's hash rate reached 646.7 TH/s, having updated its historical maximum
It surpassed the previous record high of 643.8 TH/s, which was reached on May 20.
Against the backdrop of the subsequent persecution of mining in China, the network's computing capacity collapsed to 479 TH/s by the end of June.
Bitcoin's hash rate followed a similar trajectory, falling from 197 EH/s to 78 EH/s (according to BitinfoCharts). The move of miners out of China and the build-up of mining capacity outside of China have helped the recovery, but as of this writing, the figure is nowhere near the high of 137 EH/s reached in May.
According to analysts, Ethereum's hash rate was fueled by continued growth in the DeFi sector and the ongoing boom in non-transferable tokens (NFT).
According to the DappRadar service, the value of blockchain assets on the DeFi network reached $135.7 billion on August 10, up from $85 billion at the end of June. At the time of writing, the figure has adjusted to that mark.
As a reminder, bitcoin's hash rate recovery after the June drop led to three consecutive increases in mining complexity as a result of the recalculations. On August 25, the index increased by more than 13%.