Word on the street is
One final dip to 20
Then up to glory.
Vinny, is that you?
(click to play)WO gathering in 2033
That's depressing.
Yes.. for sure you have a point that can clearly be seen in the ongoing and persistent uppity trajectory of hashrate.. which truly had given me solace in previous long consolidation periods... .(2015 comes to mind the most)
Relatedly I recall hearing on a podcast (about a week ago) that hashrate was down and blah blah blah, and thought that was not good because I thought that so many miners had been coming online in the past couple of years, so if the hashrate were to be going down, then some games were likely being played..
and, then I went to here:
https://newhedge.io/terminal/bitcoin/difficulty-estimatorand here:
https://btc.com/stats/diff?_ga=2.166892222.1079250679.1586286038-48233127.1586286038and for sure, we can see ONGOING Uppity and BTC's incentives are working in very powerful ways.. which is likely causing some people to realize that some nation-states are getting into mining and they are even figuring out ways to either subsidize or support miners in their jurisdictions, so even if some places talk a BIG talk about how they are getting tough on bitcoin, that tough-talk is not really seeming to show in the hard data, which surely includes hashrate...
Another funny thing about hashrate is the extent to which hashrate was being attacked in 2021 (seemingly China mainly), and maybe that brought down the magnitude of the 2021 bullrun, but it still did not end up putting any kind of major dent in bitcoin.. which is not the first time that China fucked over its people in regards to bitcoin. .. if anyone remembers what they did in 2016... .. and then now China
seems to be somewhat warming up to bitcoin, at least the Hong Kong permissiveness angle... but we already know that we have to be careful with some of the trust in terms of what people are saying that they are doing.. while at the same time, the onchain data continues to be quite powerful, and NOT only hashrate but other aspects of onchain data show (such as
fees and
transactions) that bitcoin continues to be ongoingly used in very powerful ways that no one can stop without really putting themselves at considerable risks that may well not be worth it if they cannot have some confidence of being able to beat the king.
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