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Will Bitcoin Mining Confidence Cause A BTC Price Spike To $28k?

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Will Bitcoin Mining Confidence Cause A BTC Price Spike To $28k?

Data from blockchain.com shows Bitcoin’s hash rate is at all-time-high. Last week, it peaked at 98.5 quintillion hashes per second. In addition, according to the mining pool, BTC.com, mining difficulty is also at its highest ever level at 11.9 T.All in all, miner’s confidence, in Bitcoin, has never been higher, which is indicative of a project here for the long term. And, some might say, a bullish indicator.Confidence In Bitcoin Has Never Been HigherHash rate refers to the computing power supporting the network by way of transactional processing. The higher the hash rate, the more secure the network. And Bitcoin’s hash rate has never been higher, having a steady upward ascent since December 2018.Indeed, as pointed out by industry observers, Bitcoin’s hash rate is eight times what it was in December 2017, the height of the last bull run, demonstrating a growing belief in the original cryptocurrency.Bitcoin’s hashrate is now 8 times larger than it was during price’s all-time high of $20,000 in 2017. 🔥— Rhythm (@Rhythmtrader) September 12, 2019This belief not only takes the form of more miners joining the network, but existing miners are also convinced enough to invest in more up to date equipment.This comes off the back of Bitmain announcing the release of the new Antminer 17 series. The Antminer S17e and T17e models offer improvements to hash rate by way of upgrades to heat dissipation technology.And, as claimed by Binance CEO, Changpeng Zhao, as hashing power increases from growing mining confidence, so does price. In a recent tweet, he said:Hashrate increase means more miners are investing in BTC, they are bullish. You know what follows?”

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Author: Samuel Wan

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