Overtaking: there are currently more Ethereum nodes than Bitcoin nodes

At this moment, a few hours after the launch of the Beacon Chain of ETH 2.0, there are 11,259 active nodes of Ethereum

For the second time this year, ETH 2.0 stakers have pushed the total number of Ethereum nodes above Bitcoin.

According to Ethernodes.org data, at this moment 11,259 Ethereum nodes are active, a figure slightly higher than the 11,136 Crypto Comeback Pro nodes: a similar overtaking had happened also in September of this year.

The number of Ethereum nodes has increased by more than 50% in the last two weeks: on November 15, 11 days after the opening of the deposit contract for ETH 2.0, there were only 8,086 nodes.

Number of Ethereum nodes

During the month of November the „Flippening Index“ of Blockchain Center, a graph that traces the strength of the Ethereum network in relation to that of Bitcoin, grew from 50.5% to 62.4%.

Flippening Index

According to the Flippening Index, the number of nodes is now the third on-chain parameter in which Ethereum has exceeded Bitcoin, after number of transactions and total commission value.

Etherscan estimates that Ethereum has processed almost 1.2 million transactions in the last 24 hours, compared to 300,000 Bitcoin. Ethereum also distributed $3.6 million in fees in the last 24 hours, compared to 1.4 million for Bitcoin.

The Flippening Index reached the highest value in the last two years, at 67.68%, in September: at the time Ethereum was at the center of the DeFi boom.

Only a few hours to the launch of the Beacon Chain of ETH 2.0: the minimum threshold required by the deposit contract, i.e. 524,288 Ether, was reached less than one day before the deadline. Currently there are 878,808 ETHs in the contract: the Beacon Chain will lay the foundation for sharding and the Proof-of-Stake consent system.

In Yunnan, China, the authorities cut off the power supply to the miners.

Electricity producers in Yunnan, China’s fourth largest region for hash installment of Bitcoin, were ordered to stop supplying energy to the miners

It seems that the authorities in Baoshan City, Yunnan Province, China, are trying to suppress Bitcoin mining: local electricity producers have been ordered to stop supplying energy to the miners.

On Twitter, Chinese reporter Colin Wu revealed that he has been contacted by some of these miners, who have also included scanned copies of documents received from power producers in their messages:

„Several miners told Wu that in Baoshan, Yunnan Province, where there are a significant number of cryptocurrency miners, a ban was introduced on November 30: power plants were required to cut off the power supply to the miners.

Yunnan is the third most important region for Chinese mining, after Sichuan and Xinjiang.

However, Wu pointed out that the ban is probably due to „localized economic interests“, and therefore not indicative of a broader desire on the part of Beijing to crush this industry:

„The impact of this incident should not be overestimated. The attitude of local Chinese power companies towards mining crypto is changing. The ban has been driven by localized economic interests rather than political pressure“.

The introduction of the ban seems to have coincided with a 10% contraction of the global hash rate from 140 EH/s to 125 EH/s. According to the Bitcoin Electricity Consumption Index (BECI) of Cambridge University, Yunnan was the fourth most important Chinese region in terms of hash rate, behind Xinjian, Sichuan and Inner Mongolia. Yunnan accounted for 5.42% of the global hash rate, above all other nations on the planet except China, the United States, Russia and Kazakhstan.

In June, Wu reported that the Yunnan government had ordered the closure of 64 unauthorized mining operations, seven of which are still under construction. The authorities thus justified this decision: tax evasion and safety risks, particularly in the way mining farms had been connected to local hydroelectric power plants. The same month a Bitcoin mining farm caught fire, causing the destruction of thousands of devices.

On May 29, an explosion also occurred at a hydroelectric power plant in Yunnan, causing five injuries and six deaths. This incident is believed to have prompted authorities to tighten safety standards for hydroelectric power plants in the region.

In April, Yunnan’s state grid operators issued a document warning power producers against unauthorized diversion of electricity to Bitcoin mining farms.