The past year has been a rollercoaster for the two largest and most influential blockchains, Bitcoin and Ethereum.
Bitcoin mining underwent a seismic shift in the late spring of 2021 as China forced miners to shut down. The following migration of hashrate has changed the landscape of bitcoin mining indelibly.
Ethereum, for its part, is in the process of transitioning away from proof-of-work mining altogether, as it prepares for the Merge. Sometime in mid-2022, it will switch to a new proof-of-stake validation process. The effects of this impending change are already being felt by Ethereum miners, especially since the London hard fork of August 2021, which brought in a new fee mechanism.
What follows is a snapshot album of the state of Bitcoin and Ethereum mining at this pivotal time for both blockchains.
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