Bitcoin Hash Rate Continue to Surge!

[pixie85]

Many analyst say that the current price is not a good indicator of the value of bitcoin but only an indicator of the mood investors are in.

It was the same in 2017. People were overhyped and overvalued not only Bitcoin but also altcoins. BCH and LTC were both worth much more than they should be and so was XRP and some other shitcoins. Now the mood is different and Bitcoin is undervalued. It will have to return to normal at some point.

[Yamifoud]

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

It is not only just ready but of very prepared for this kind of event and the good thing is that it helps to drive the market for increasing the high demand at this time. Since we are anticipating the future, we could expect that everyone is in the hold at this time and could expect that Bitcoin's price won't go down instead of seeing it to soars high.

We are able to saw the scaling price of crypto almost every year https://bircoin.top/ and quite so hopeful that it all working fine this year compared to the last 2 years in bear season.

[Wind_FURY]

If this is a good sign then it definitely keep us encourage. Its really good to see chart like this to serve as reference. Seeing it in an image or chart is something more interesting in the eyes and somehow more understandable. Bitcoin halving is coming so most likely if this increase continues it may somehow increase the value of halving period.

This is not how it works. If anything the opposite might be true.

Like a few posts above, hashrate follows price and not the other way around. Think about it this way, when the hashrate is higher, so is the difficulty and the payout is lower for the same amount of work put in. So if miners need to sell BTC to pay for hardware and electricity then the price of BTC might decrease more than if the hashrate was lower, and rewards were higher and miners would be selling less to just stay in the game.

That chart is mostly what happens when new technology comes out and miners become more efficient. Even if price remains flat for the next few years, the hashrate will keep increasing. Hashrate will most likely never decrease.

That was how I believed it was too. BUT, we forget, miners are also speculators. Of all speculators, the miners have the most skin, and are risking the most in the game.

[beerlover]

I don't understand how even while we are getting so close to halving the hash rate goes into so much higher. Are the miners just trying to have more and more mining equipment to cover the difference so that they can have higher hashrate and faster once again but also gain more money somehow?

Not talking about small miners which will be in the toughest positions but the miners who are basically whales in the mining industry that are making their killing right now thanks to having most of the hashrate and as soon as halving happens these "increased" hashrates will be shown that it was the whales and the small ones will leave the sector while letting the whales make most of the money. I mean making 300 bitcoins a day on the 1800 bitcoin per day of today and making 300 bitcoins a day on the 900 it will be after halving is the same to them anyway, so maybe they are going for that?

[Febo]

Last few weeks, we experienced breaking everytime the all-time high of Bitcoin Hash rate, which is extemely important for Bitcoin, although we still not on new all-time high price but achieving it first on the Hash rate, is something a good sign.



We can also monitor the hash rate: here Or here

Hash rate itself dont tells us everything. Better than hash rate would be electricity spent. Or even better then that would be cost of electricity spent.  I know this two data is much harder or even impossible to get.

[Wind_FURY]

I don't understand how even while we are getting so close to halving the hash rate goes into so much higher. Are the miners just trying to have more and more mining equipment to cover the difference so that they can have higher hashrate and faster once again but also gain more money somehow?

As miners are also speculators, they might know something after the halving that we don't.

Not talking about small miners which will be in the toughest positions but the miners who are basically whales in the mining industry that are making their killing right now thanks to having most of the hashrate and as soon as halving happens these "increased" hashrates will be shown that it was the whales and the small ones will leave the sector while letting the whales make most of the money. I mean making 300 bitcoins a day on the 1800 bitcoin per day of today and making 300 bitcoins a day on the 900 it will be after halving is the same to them anyway, so maybe they are going for that?

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

[pooya87]

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

there are lots of mining farms all around the world not just in these two countries. basically anywhere that there is a low electricity cost there is also a big mining farm. the problem is that we have no way of knowing where they come from since they all connect to a handful of mining pools some of which happen to be in China which is why people think China has the biggest hashrate!

[Pamadar]

It looks like people are getting ready for the halving and another bull market that will surely follow. You can see youtuber miners also upgrade their systems like https://www.youtube.com/watch?v=SmCVxj_Mslw

I'm very happy that the predicted miner capitulation did not happen. People were predicting BTC to go below 6k level which is the point where some miners are barely making money and 5k is sustainable only by the cheapest Chinese power. Miners defended this level and managed to exhaust sellers enough for the price to return to normal levels. I'm looking forward to 10k in a few months.

It is not only just ready but of very prepared for this kind of event and the good thing is that it helps to drive the market for increasing the high demand at this time. Since we are anticipating the future, we could expect that everyone is in the hold at this time and could expect that Bitcoin's price won't go down instead of seeing it to soars high.

We are able to saw the scaling price of crypto almost every year https://bircoin.top/ and quite so hopeful that it all working fine this year compared to the last 2 years in bear season.

Indeed. We are all expecting for more strong position and more people to hold, as the long bear experienced might be turned and
the cycle start the rise of bitcoin. Being optimistic can do help to stay calm and patience.
Incoming halving will bring benefits to those who will work well and pay attentions to every market movements.

[Wind_FURY]

It's the nature of competition. But, there are other rumors that there's a "hash war" between the mining farms in China and the mining farms in the United States.

there are lots of mining farms all around the world not just in these two countries. basically anywhere that there is a low electricity cost there is also a big mining farm. the problem is that we have no way of knowing where they come from since they all connect to a handful of mining pools some of which happen to be in China which is why people think China has the biggest hashrate!

But, has it already been a known fact that, by region, China has the most hashing power in the world? Or has it been disproven? Or have the trolls tricked me again? Hahaha.

[el kaka22]

Does this really mean the price will skyrocket tho? Like everyone is talking about how we are ready for another increase and it makes me happy to even think about that but I am not 100% sure that means price will go up to ATH levels once again, this alone is not a reason for it.

I mean we all know only way price goes up is if people buy bitcoin and hashrate going up doesn't seem like one of the reasons how everyone will buy bitcoin, it may mean that people are using more miners, it may mean that we will have a faster transactions and cheaper etc but that doesn't 100% mean price will go up. I just think that we are getting more a "sector" like for example "health" sector, or "entertainment" sector etc etc where people spend so much money, so crypto is becoming a sector like that, that's all I kind read from this.

[Wind_FURY]

Does this really mean the price will skyrocket tho? Like everyone is talking about how we are ready for another increase and it makes me happy to even think about that but I am not 100% sure that means price will go up to ATH levels once again, this alone is not a reason for it.

The probability is more of a "yes", than a "no". Miners are speculators too, would they waste resources if they didn't expect some bullishness?

I mean we all know only way price goes up is if people buy bitcoin and hashrate going up doesn't seem like one of the reasons how everyone will buy bitcoin, it may mean that people are using more miners, it may mean that we will have a faster transactions and cheaper etc but that doesn't 100% mean price will go up. I just think that we are getting more a "sector" like for example "health" sector, or "entertainment" sector etc etc where people spend so much money, so crypto is becoming a sector like that, that's all I kind read from this.

It may also mean the miners know something.