ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Bitcoins Booming Hash Rate Ahead of Halving Signals a Serious Bull Run

5/3/2020

Comments

 
rainbow featured image for Bitcoin article
In approximately 10 days as of this article’s writing, Bitcoin will experience its latest block reward reduction, known as a “halving.” Halvings, which take place around every four years, ensure that the number of coins issued per block gets cut in half, resulting in a 50% reduction in BTC’s inflation. Block rewards being cut in half means that the revenue of miners will be cut in half as well, but this hasn’t stopped Bitcoin’s hash rate — the measure of the computational power processing transactions — from hitting new heights. Bitcoin Hash Rate Sets a New High According to data shared by blockchain analytics company Glassnode, Bitcoin’s hash rate just today hit a new all-time high at just shy of 150 exahashes per second — 150 with 18 zeroes after it hashes every second. This signifies that ahead of the halving, Bitcoin miners are allocating more capital and machinery to the network than ever before. Whether or not the surge is related to the launch of new mining machines, new ASICs, or Chinese regulation is not clear.  Bitcoin holders have already experienced the effects of the recent surge in hash rate, with block explorers registering 16 blocks mined in one hour just days ago, far above the six blocks per hour average. The hash rate is over nine times higher than the hash rate was trending in December 2017, at the $20,000 peak of the crypto market, and up around 50% since the start of the year. #Bitcoin hash rate hit a new all-time high. pic.twitter.com/XtPbZRU8wp — glassnode (@glassnode) May 3, 2020 The uptick in hash rate bodes well for Bitcoin’s price outlook. Just six weeks ago, miners were in “capitulation,” turning off their machines en-masse due to the 50% drop in the Bitcoin price from the mid-$7,000s to $3,700. The recent surge in hash rate confirms an end to this capitulation. As digital asset manager Charles Edwards has found, each time Bitcoin has exited capitulation, strong surges have followed, with an “average gain-to-cycle-peak” of over 5,000% within a few years. Chart from @Caprioleio (Twitter) Far From the Only Bullish On-Chain Metric The booming hash rate is far from the only on-chain metric signaling an impending move back into a full-blown bull market. Following the publishing of the hash rate chart, Glassnode shared the below image, showing a “compass” of Bitcoin’s current market regimes. The compass indicates that the cryptocurrency is currently shifting towards a “bullish” market regime due to increases in a variety of on-chain metrics, which suggest a growing number of users. Chart from @Glassnode (Twitter) For instance, as reported by Bitcoinist previously, the number of active addresses on the network is reaching a multi-month high, recently surmounting the sum of 840,000 addresses. Also, the number of new daily entities using the Bitcoin network recently reached 17,000 per day, where it was when 2019’s rally from the $4,000s to $14,000 began. Photo by Lison Zhao on Unsplash

Originally from Bitcoinist.com https://ift.tt/3c32ZBu
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.