#btc Hashrate Reach New ATH a day ago, will the bull run has begun?

[hatshepsut93]

Hashrate increase has no reason to drive the price up. People don't really care how much hashrate Bitcoin has as long as its enough to deter attacks. Adding more and more security has diminishing returns past certain point, and security is just one of the factors that influence Bitcoin's value. So, I don't see any way how can a hashrate increase trigger anything that can count as a bull run.

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[bbc.reporter]

I'm not saying that this wouldn't cause a price rise, but take note that most bitcoin buyers don't give a crap about hashrate, and most definitely a lot of them don't even know what a hashrate is and/or why it's quite important.

In the end, it's far more likely and makes far more sense that the hashrate will follow the price, rather than the price following hashrate.

Agreed. This also causes a decrease in revenue, higher costs and lower efficiency. The weakest miners will be forced to shutdown, take a loan or hope that there will be someone similar to CZ to bail them out.

We cannot be certain how long this high hashrate can be maintained but we can be quite certain it will fall slowly unless bitcoin pumps. However, if the increase continues while the price is falling, we can begin speculating that some of those mining farms are being supported financially or some of them might be stealing electricity hehehe.

[so98nn]

This could be result of next halving cycle thats coming close day by day. It might be that various farms are restarting themselves and adding up the power of "lost china" miners when it was banned recently and full operations were closed down. That is pretty big difference which was balanced out by rest of the world miners, however it seems slowly they are building back with other miners. Every miner knows this is amazing opportunity to gain more coins in the wallet as they reach to the another halving cycle and thus aftermath is risen prices. This is helpful for them to profit the most during the high tide wave and keep the mining operations running smoothly. It's really a tug of war, the more we go ahead in the time, the higher hashrates would be there.

[BlackHatCoiner]

[...]

LOL! 

No matter what you believe, franky will keep repeating the same nonsense about "minimum mining bottoms", "minimum mining costs", "minimum value", etc. No matter how many times I've argued with him, he keeps saying the same fucking stuff.

Every miner knows this is amazing opportunity to gain more coins in the wallet as they reach to the another halving cycle and thus aftermath is risen prices.

I think you're confused. ATH in difficulty is pretty much the opposite of an opportunity for a miner.

[stompix]

No matter what you believe, franky will keep repeating the same nonsense about "minimum mining bottoms", "minimum mining costs", "minimum value", etc. No matter how many times I've argued with him, he keeps saying the same fucking stuff.

Who else but Quagmire!!Franky!
Oh, and btw, I already know his comeback story, in his imagination, every miner with an s19 (not even talking about the guys till mining with s9) has dumped their gear, and they now mine with the latest and most efficient gear, that despite the fact that before that he stated the same once more, so taking into account the time passed nobody would have made an ROI on those and they are already dumping them and buying new ...because that's how running a business looks for some!
Oh sorry, that's how bankruptcy looks like a real business for some!

Every miner knows this is amazing opportunity to gain more coins in the wallet as they reach to the another halving cycle and thus aftermath is risen prices.

I think you're confused. ATH in difficulty is pretty much the opposite of an opportunity for a miner.

I run into this article on the difficulty speculation thread:

TLDR: prices for electricity are so high and revenue so low mining gear is still sealed up in the boxes they've arrived and we have at least 300k of those, assuming the lowest price is 6 million in gear, 30 exahashes at least! It's nearly the worse period for revenue, just one tiny step till October '20, and it might not be that long till we cross it which means we will soon peak in difficulty if the prices don't move.

[TheGreatPython]

If we come to 2 years back when Hashrate reached New ATH, I have optimistic that bitcoin price will happen back to the ATH price or to be more create a new ATH, but I don't know exactly, maybe the next day, month, or year, or 10 years from now.

Many people said we can't compare the Hashrate with the price because this is all about the ecosystem, the more people mining that will be stronger the ecosystem (bitcoin network). but my feeling sure this situation is very related to the price, I can't tell you the reason,  so if you have to, don't hesitate to start shopping bitcoin now, hurry up, so what are your feeling?

History can repeat itself so it's possible that your thoughts are true and this increase in hashrate can be a good sign that the bull run is going to start. Before btc creates a new ath, it will first recover back to its old ath.

Hashrate maybe all about btc's ecosystem but an increase in hashrate could give people a confidence to join btc if they haven't yet or invest more if they are an existing user because they think btc network is now more stronger and now more secure than before. An increase in hashrate could also mean that there are now more btc transactions going on. Existing number of miners can't handle the pressure so there is a need for new miners.

[bbc.reporter]

This could be result of next halving cycle thats coming close day by day. It might be that various farms are restarting themselves and adding up the power of "lost china" miners when it was banned recently and full operations were closed down. That is pretty big difference which was balanced out by rest of the world miners, however it seems slowly they are building back with other miners. Every miner knows this is amazing opportunity to gain more coins in the wallet as they reach to the another halving cycle and thus aftermath is risen prices. This is helpful for them to profit the most during the high tide wave and keep the mining operations running smoothly. It's really a tug of war, the more we go ahead in the time, the higher hashrates would be there.

If there are miners who want to accept all the higher costs, lower revenues and if they have assessed that they can survive another 24 months of this bear market, who can argue against that? Also, they need to be quite certain that the bull market will return in 24 months.

[Fundamentals Of]

Obviously the bull run has not yet begun. Bitcoin until now has not yet even escaped from the strong gravitational pull of $19,000. The price has really found it hard to return to $20,000. It has been moving under $20,000 for some time now. And even if it quickly touches $20,000, it also loses it immediately. So even with that hash rate reaching another ATH, the price didn't react. It is therefore suggesting that hash rates do not really signal for a significant price movement.

[saintm245]

In the end, it's far more likely and makes far more sense that the hashrate will follow the price, rather than the price following hashrate.

[Sarah Azhari]

In the end, it's far more likely and makes far more sense that the hashrate will follow the price, rather than the price following hashrate.

I've read some posts from senior above with average told no connection between hash rate and price. So I'm a newcomer of course will believe and follow what they said. I also have considerations to do not just buy, and blindly in the market because of wrong belief, I will research again in what the best decision I have to make is.

[Kakmakr]

I think the hash rate might be one indicator that tokens are moving, but the best indicator for me is the trading volume on the global Exchanges, because that is where the "Bull run" are triggered. The movement of coins on Exchanges does not happen on the Blockchain, but rather on an internal database on these Exchanges.

There are also a "trigger event" just before a major Bull run... and I have not noticed anything in the media that can be a "trigger" for a Bull run.

[pooya87]

I've read some posts from senior above with average told no connection between hash rate and price. So I'm a newcomer of course will believe and follow what they said.

Regardless of being a newcomers you should still try to use your own logic after reading other people's posts regardless of their rank. In this case there is a connection between hashrate and price but hashrate follows the price not the other way around. That's what was said in other posts too.

[davis196]

now that its 50% more this can push the underlying costs up. which then inspire miners at the low end to not sell for low prices and all people above them do the same at their respective rates. and those that cant mine for profit flip over to become buyers. which also offsets the sell vs buy ratio

the reason for the sudden influx of hashpower is obvious. next gen asics being delivered to asic farm warehouses and turning them on

if this hashrate persists where it gets to the point where the lowest cost miners are not selling below X rate then the cheapest buying price will no longer be X rate, and so the price starts to increase as there are less sellers selling for such low prices

This theory makes sense if the Bitcoin market was dominated by the Bitcoin miners. I believe that the Bitcoin market is dominated by the traders, not by the miners.
I'm sure that 90% of the Bitcoin traders don't care about the hashrate, but I'm also sure that remaining 10%, who actually care about the hashrate would see this hashrate ATH as a positive signal(I wouldn't say bullish).
The Bitcoin Core blockhain is in good health and this is good news. We just have to survive the crypto winter (and the potential global recession) without panicking and everything will the fine.

[justdimin]

Hashrate increase has no reason to drive the price up. People don't really care how much hashrate Bitcoin has as long as its enough to deter attacks. Adding more and more security has diminishing returns past certain point, and security is just one of the factors that influence Bitcoin's value. So, I don't see any way how can a hashrate increase trigger anything that can count as a bull run.

You took it the wrong way around. It’s not the hashrate that goes up and then people buy, it's people buy and hashrate goes up. The question here is this; if the miners are once again starting their machines up and mining at a peak level, does that mean there are a lot of buyers that make it worthwhile for miners to do that?

Miners won't do it to just make it look cool and break the highest level, they do it because it's profitable, and if it is profitable to go that high, that means is there a lot more buying pressure coming up. I believe it’s not right now, but it’s getting closer and miners are getting ready for that, it does make sense in the long run.