Bitcoin News & Info

Bitcoin Info, News, Updates

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#Bitcoin to the Moon!

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That’s right !!

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Yep bingo !

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Yep

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Bitcoin Bulls

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HODL

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Increasing Hash Rate And Bitcoin Bulls

As the cryptocurrency bear market presses on many investors worry that Bitcoin was just another passing fad. Bitcoin recently broke down past $8000 and is struggling to find support around $7800, the same level where Bitcoin broke out in early April in an attempt to break above $10000. The overall market capitalization is also in a steady decline breaking $400 billion from its all-time highs of over $830 billion.

A glimpse into Bitcoin’s hash rate

Guessing at hundreds, thousands, or millions of calculations to solve a block — a mining unit’s hash rate reflects the number of guesses it can make in any given second when completing one of Bitcoin’s computational puzzles. Looking at the chart, we see a very steady increase in hash rate during the months leading up to and after the market sell-off. Many consider an increasing hash rate to be a precursor of healthy price action.

While costs vary dramatically across borders, mining a single unit of BTC will cost thousands of dollars at lowest — and $26,170 per coin in the case of South Korea.

From the data presented we can draw the conclusion that the overall outlook on Bitcoin is bullish, at least in the eyes of the miners. After all, miners would not want to allocate their resources mining a digital asset they believe to be worthless. Miners are in the business to make money and perhaps the downturn in this market will allow them to accumulate more bitcoin at lower prices in preparation for the next Bull Run.

Many traders focus only on the technical outlook and can overlook solid fundamentals and clues such as an increasing hash rate. If the hash rate were to be falling in congruence with price, then there would be cause for concern. That would tell us that miners are less interested in mining Bitcoin and could be turning their focus to mining other cryptocurrencies or not mining at all. It seems to me that miners are taking a longer-term view on Bitcoin and cryptocurrencies, ignoring short-term downtrends in the market. This fact alone should give investors confidence that there is still a lot of interest in Bitcoin and in mining specifically. Network support is very strong and should continue to grow.

Miners are arguably the most important asset to the Bitcoin ecosystem because they work to create new blocks as well as verify all transactions to ensure the network is secure. A strong group of miners who are willing to support the network creates the image that Bitcoin is very strong and well positioned going forward. As we move closer to the end of Q2 and into Q3 fundamentals will continue to improve and my bet is that price action will surely catch up to the strong fundamentals. Without a strong group of miners to support the network, Bitcoin would surely be headed for a grim future. That is not the case judging by the data. Miners are still bullish long term as are we. Credits:  Naeem Aslam  Jonnie Emsley

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“Be fearful when others are greedy and greedy when others are fearful.” - Warren Buffet

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Fiat v Bitcoin

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Bitcoin experts say something huge is about to happen to the price

Bitcoin is primed for another “price explosion” that could see the cryptocurrency’s value soar to even greater levels than it experienced in 2017, according to analysts. The price predictions come amid significant gains across cryptocurrency markets in recent weeks that have seen bitcoin rise by more than a third in value to return above $9,000 for the first time since March.

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