Bitcoin Hashrate Nears Record Levels Amidst Price Decline – Details
2024年8月3日 - 9:30PM
NEWSBTC
According to data from CoinMarketCap, the price of Bitcoin
(BTC) has taken a nosedive this week falling by 9.03% to trade
below the $62,000 price mark. This negative price action brings the
asset’s net gain over the last month to a mere 0.20%, indicating a
period equally influenced by both buyers and sellers. As Bitcoin
now attempts to find a support level, blockchain analytics platform
CryptoQuant has revealed certain elating developments in the token
mining space. Related Reading: Bitcoin Miner Capitulation Comes To
An End – Time To Buy BTC? Bitcoin Miners Hashrate 2% Away From
Network ATH On Friday, CryptoQuant shared on X that the Bitcoin
miner hashrate has been on the rise this last week, reaching as
high as 604 exhashes/second (EH/S). According to the analytics
team, this value represents a 6% gain from the lows on July 9 but
remains 2% off the network’s current all-time high hashrate
value. Cryptoquant report states that Bitcoin miners are
currently enjoying a better pay condition compared to April as
daily mining revenues have grown by over 50% since early July, thus
reducing the need to offload their assets. This is proven evidently
as daily Bitcoin miner outflows stayed between approximately 5000 –
10,000 BTC in July, showing a notable decrease from the range of
10,000 – 20,000 BTC seen in early March when Bitcoin reached the
$70,000 price mark. Generally, the Bitcoin hashrate measures the
total computational power used to mine and process transactions on
the Bitcoin network. It is a crucial indicator of miners’
confidence in BTC, with an increase signaling belief in mining the
token due to profitability from current or future prices.
However, the ability of Bitcoin miners to sustain their recent
performances despite the token’s recent dip could prove pivotal in
initiating a market price rebound, especially as a sell-off by
these miners could further drive down the token’s price.
Nevertheless, a future decline in hashrate is a more likely
scenario as miners’ profitability is largely depends on Bitcoin’s
price in addition to network fees. Related Reading: Bitcoin Miners
Slow Down Selling In July, What This Could Mean For Price BTC Price
Overview At the time of writing, Bitcoin trades at $61,387
with a loss of 5.05% in the last 24 hours. Meanwhile, the asset’s
daily trading volume is barely up by 5.35% and is valued at $42.9
billion. Historical price data indicates BTC may currently be in
the support zone, however, any further decline past this level
could result in prices as low as $55,000 as seen in early July.
Alternatively, if the crypto market eventually finds some stability
in this zone, a return to the $70,000 price zone is on the cards.
Featured image from Reuters, chart from Tradingview
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 8 2024 まで 9 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 9 2023 まで 9 2024