It’s no secret that 2018 has been a rough year for cryptocurrencies, with Bitcoin falling over 80% from its 2017 highs, and most major altcoins dropping 90% or more. Despite the market’s poor performance, one venture capitalist laid out his case for why Bitcoin and Ethereum are currently oversold from a fundamental standpoint. The past…
On April 15, a widespread power outage in North China led to a sharp decline in the Bitcoin hash rate. Because major mining farms are located in China, there was a 20% corresponding decline in hash rate. The China Hash Rate Crash Of 2021 As a result of the decline in hash rate, backlog in…
Bitcoin‘s hash rate, a measure of the amount of processing power fueling the cryptocurrency’s underlying blockchain protocol, has fallen to a low beyond the levels seen following the Black Thursday market collapse aftermath.Does this mean yet another, more severe selloff is possible in the day and weeks ahead?Bitcoin Hash Rate Falls To Levels Below Post-Black…
Less than 48 hours ago, Bitcoin price was trading at over $9,700. Today, it hit under $9,200 at the low on Coinbase.Data shows that the selloff was preceded by a massive outflow from miners to cryptocurrency exchanges. If miners were indeed behind selling down the recent rally, why aren’t they holding post-halving as expected?Bitcoin Miners…
Bitcoin price has been consolidating in the mid to high $9,000 range for nearly a month and a half. Repeated attempts to break and hold above $10,000 have been rejected thus far.The most recent rejection, data shows, was largely fueled by miners who were seen moving BTC supply to exchanges just ahead of the most…
Following the Bitcoin halving, concerns over miner capitulation have proven unfounded. The week just gone saw the network hash rate reach a new all-time high of 125 million TH/s.Source: blockchain.comSignificant pullbacks occurred in March and May, sparking fears of the beginning of a miner’s exodus. Current data shows the Bitcoin network is strong as ever.Bitcoin…
Bitcoin is a unique asset unlike anything else in the financial world. Much of its value is derived from its underlying blockchain protocol, powered by miners through a process called proof-of-work.However, the first-ever cryptocurrency’s hash rate is dropping faster than its price, indicating that the miners powering Bitcoin have begun to shut down their operations…
Bitcoin price is once again trading at a level at which miners are making a profit from operating their expensive mining machinery, however, lower prices are still causing capitulation amongst the weakest miners with access to more expensive energy sources than the most elite.The mass capitulation is likely only to continue, as the cost of…
Is Elon Musk playing 4D chess or is he just making rookie mistakes? It’s easy to judge the unfortunate and inaccurate message those tweets contained, but, what if Elon simply doesn’t know better? What if the billionaire doesn’t have a master plan and instead is just learning right in front of our eyes? It’s certainly…
Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset shows that many Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas. Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a measure of collective mining…