Bitcoin’s On-Chain Trends Are Bullish, Data Shows
Citing data from blockchain analytics firm CryptoQuant, a crypto-asset analyst thinks that Bitcoin remains in a macro bull trend. He recently shared a confluence of on-chain trends showing why this is the case. Four of these trends are as follows:
Hash Rate Underlies Bull Trend
Corroborating the bullish sentiment shared by the analyst above, the Bitcoin hash rate has continued to trek higher.
BitInfo Charts, a leading data provider in the crypto space, reported that on October 15th, the hash rate of the Bitcoin network set a new all-time high above 157 exahashes per second. This is up many dozens of percent since the start of 2020, cementing the bullish sentiment of miners.
Crucial to this hash rate growth is increased investment in the digital asset mining space.
Announced on October 13th, cryptocurrency mining firm Marathon Patent Group has formed a partnership with an energy company to launch a Bitcoin mining farm. This farm will be set up near a plant of its partner, Beowulf, where electricity can be obtained at a rate of $0.028/kWh.
This new farm will support upwards of 0,000 S19 Pro Antminers, which can generate 3.320 exahashes per second in aggregate. 3.32 exahashes per second is around 2-2.5% of the total hash rate of the network on any given day.
Featured Image from Shutterstock Price tags: Xbtusd, btcusd, btcusdt Charts from TradingView.com 4 Crucial On-Chain Trends Show That Bitcoin's Trend Is Bullish
Originally from Bitcoinist.com https://ift.tt/3m22MmD
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.