First, the 2020-to-2022 period recorded the highest level of mining activity in the ecosystem to date. Surging activity in decentralized finance, non-fungible tokens, and genuine demand for transaction capacity drove hash rates sharply higher. Billions of dollars poured into specialized hardware, data centers, and supporting operations, giving birth to an entire sector built around that energy-heavy process.

Then came the single upgrade that almost instantly shut the door on that era. The hash rate fell to zero, and equipment valued at billions of dollars became useless on Ethereum within hours. Moreover, miners, equipment operators, and the infrastructure they had built simply moved on or shut down.

Since then, the blockchain has moved from its power-hungry competition model to one centered on staked capital and validator participation. Reward systems, incentives, and even the makeup of those steering the network all shifted dramatically.

The central trade-off is baked into the design: proof-of-stake brought major efficiency gains but surrendered some of the broad decentralization that proof-of-work had delivered. According to Alphractal’s João Wedson, this is not a subjective view but a structural reality. Judging today’s Ethereum by mining-era standards means looking at a system the protocol has already left behind.

Meanwhile, Santiment revealed that BitMine added another 65,341 ETH to its holdings, coinciding with Fundstrat’s Tom Lee declaring that Ethereum is now in the final stages of a mini-crypto winter. On-chain figures tracked by Santiment show that wallets holding between 100 and 100,000 ETH snapped up 756.95K tokens across just the past two days.

At press time, CoinMarketCap data shows Ethereum down 2.65% to $2,064 in 24h, still outperforming Bitcoin, primarily driven by a structural upgrade to institutional access via expanded ETF options trading.

One of the main catalysts is the NYSE rule change removing trading limits on spot Bitcoin and Ethereum ETF options, effective immediately after SEC approval on Sunday, March 22, 2026. Market watchers also highlighted accelerated institutional accumulation by BitMine and a broader risk-asset rally driven by geopolitical de-escalation.

If ETH holds above the $2,162–$2,200 resistance zone, it could target $2,350; a break below $2,044 risks a retest of $2,000 support.

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