2020-8-17 13:59 |
Bitcoin has been trying to breach the resistance at $12k for quite some time, now, but despite great interest and a strong bull run that led the coin to a higher $11,000s, the resistance remains quite strong. However, while this level remains unconquered as of yet, BTC is seeing a major advancement in other aspects.
For example, its hash rate just hit a new all-time high, which is rather impressive, considering the recent block reward halving.
Bitcoin hash rate grows, speculators expect the price to followAccording to recent data published by Blockchain.com, Bitcoin hit a new ATH for its seven-day average hash rate on August 15th. The new peak is at 129.075 TH/s, and it comes after a two-week hash rate growth.
Previously, the coin peaked on July 28th, and it only took it two weeks to outperform this former record.
As most likely know, the hash rate shows how much computing power miners dedicate to Bitcoin mining, which is a process in which transactions made by other users get processed. In return, miners receive rewards in the form of brand new BTC coins.
The more computing power is dedicated, the higher the hash rate, which also indicates greater expectations regarding the profitability of doing so. Especially since mining is quite expensive, and miners need it to be profitable in order to be worth it.
In other words, the correlation between the hash rate and the coin’s price has been in strong correlation, and if one grows, the other is likely to follow.
Warren Buffet opens up to gold: Is BTC next?While BTC did not manage to permanently conquer the $12k level, it did briefly surge past it, several times. In fact, it did it twice in August, before seeing corrections that took it back down to its supports at mid-$11k range.
However, the price keeps going back, as BTC continuously tries to breach it.
The coin is also in strong correlation with gold, although Galaxy Digital’s Mike Novogratz recently said that BTC might be a better investment than gold. Some even speculate that Warren Buffett might soon invest in BTC, as he recently expressed quite a bit of interest in gold itself.
The post Bitcoin hash rate hits a new ATH as the coin approaches $12k appeared first on Invezz.
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