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Are Miners Betting On Rally?
The post Are Miners Betting On Rally? appeared on BitcoinEthereumNews.com. On-chain data shows that the Bitcoin Mining Hashrate has just set a new all-time high (ATH) despite the asset’s bearish trajectory. 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Mining Hashrate” refers to a metric that keeps track of the total amount of computing power that the miners as a whole have connected to the Bitcoin blockchain. The miners need this computing power because the BTC network uses a Proof-of-Work (PoW) based consensus mechanism, where validators compete against each other to solve mathematical problems to add the next block to the chain. As such, the Hashrate can reflect how the miners are looking at the cryptocurrency. A rise in the metric could suggest these validators are finding the asset attractive right now, so new miners are coming and/or old ones are expanding their facilities. Similarly, a decline implies some of the miners have decided to disconnect from the network, potentially because they no longer believe BTC mining is profitable. Now, here is a chart that shows the trend in the 7-day average Bitcoin Mining Hashrate over the past year: Looks like the 7-day average value of the metric has been rising over the past day | Source: Blockchain.com As displayed in the above graph, the 7-day average Bitcoin Mining Hashrate had shot up near the end of July to set what was then a new record for the metric. Following this high, however, the indicator had seen a rapid decline and it wasn’t until the second half of August that the metric made some recovery. This recovery had maintained for a while, but the indicator ended the month with a retrace back to the earlier lows. As for why these trends played out the way they did, the corresponding BTC price action could hold the answer. The Bitcoin miners make the…
The post Are Miners Betting On Rally? appeared on BitcoinEthereumNews.com.
On-chain data shows that the Bitcoin Mining Hashrate has just set a new all-time high (ATH) despite the asset’s bearish trajectory. 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Mining Hashrate” refers to a metric that keeps track of the total amount of computing power that the miners as a whole have connected to the Bitcoin blockchain. The miners need this computing power because the BTC network uses a Proof-of-Work (PoW) based consensus mechanism, where validators compete against each other to solve mathematical problems to add the next block to the chain. As such, the Hashrate can reflect how the miners are looking at the cryptocurrency. A rise in the metric could suggest these validators are finding the asset attractive right now, so new miners are coming and/or old ones are expanding their facilities. Similarly, a decline implies some of the miners have decided to disconnect from the network, potentially because they no longer believe BTC mining is profitable. Now, here is a chart that shows the trend in the 7-day average Bitcoin Mining Hashrate over the past year: Looks like the 7-day average value of the metric has been rising over the past day | Source: Blockchain.com As displayed in the above graph, the 7-day average Bitcoin Mining Hashrate had shot up near the end of July to set what was then a new record for the metric. Following this high, however, the indicator had seen a rapid decline and it wasn’t until the second half of August that the metric made some recovery. This recovery had maintained for a while, but the indicator ended the month with a retrace back to the earlier lows. As for why these trends played out the way they did, the corresponding BTC price action could hold the answer. The Bitcoin miners make the…
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