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- Over the past month, activity in Ethereum’s Proof-of-Work network has increased again.
- This is due to the general market rally.
The EthereumPoW [ETHW] The network has witnessed a significant increase in activity following the recent market rally, on-chain data shows.
This comes after a prolonged period of decline, during which demand for the chain plummeted to its lowest level.
EthereumPoW has been gaining ground over the past month
A key indicator of the rising demand for the EthereumPoW network is the hashrate, which has risen consistently since November 20.
According to data from 2Miners.comIn the previous fourteen months, the network’s hashrate had dropped by 65%.
The drop in a network’s hashrate is often due to a drop in the value of the original cryptocurrency. This makes mining less profitable, leading to miners leaving the network.
To this extent, the price of ETHW had fallen by 98% in the fourteen months prior to the hashrate increase.
However, since November 20, EthereumPoW’s mining hashrate has grown. At 4.28 pmTH/s at the time of writing has increased by 52% since then.
Source: 2Miners.com
The steady increase in the network’s mining hashrate has coincided with the rise in the value of its own currency. According to data from CoinMarketCapthe price of ETHW has increased by 70% in the past month.
Source: CoinMarketCap
As expected, the increase in mining activity on the blockchain has also resulted in a similar upward trend in the chain’s mining problems.
At the time of writing, EthereumPoW’s network issues amounted to 209.59T, a growth of 55% since November 20.
Furthermore, the total value of assets (TVL) locked by decentralized finance protocols (DeFi) housed in EthereumPoW has also increased, data from DefiLlama showed.
The uptrend started on November 22 and the network’s DeFi TVL has risen 90% since then.
However, EthereumPoW’s DeFi TVL remained significantly lower than its October 2022 peak of $6 million at the time of writing. The network’s TVL at the time of writing was $215,294, representing a 72% decline year-to-date (YTD).
Source: DefiLlama
Network activity in the last 24 hours
Per data from OKLinkEthereumPoW saw an influx of new addresses in the past 24 hours.
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According to the on-chain data provider, 2,469 new addresses have been created on the blockchain, bringing the total number of addresses on the chain to 381 million.
However, of the total 381 million addresses in the chain, only 9,369 were considered active.