Bitcoin price rising in tandem with the hashrate: Hits all-time high
|- Bitcoin correction in June skyrocketed above $10,000 forming a new 2019 high under $14,000.
- The hashrate seems to be affected by Bitcoin price but the opposite of this is not true.
Bitcoin skyrocketed above $10,000 in June. The ballistic rise continued to new 2019 highs close to $14,000. At the moment, the “people’s currency” is trading at $11,014 following a 2.34% rise on the day. While the recovery from 2018 low close to $3,000 is impressive, it fails to point towards any significant development of Bitcoin’s future. Besides, volatility levels are still hitting the roof while price fluctuations have been frequent.
On the other hand, Bitcoin hashrate has been on a positive trend. According to LeapRate.com “The hashrate essentially represents the value of the work of miners to all transactions that are processed.” The hashrate seems to be affected by Bitcoin price but the opposite of this is not true, which is very interesting phenomenon.
At the moment, the rising price is leading to an increase in the hashrate which has hit its all-time high. Moreover, the mining power is currently at 69 exohash per second. This also means “that mining hardware online for a better price reward has increased.” The increase in the hashrate could also be linked to less delays in Bitcoin transactions. However, it is not clear what exactly is driving Bitcoin’s hashrate to new highs.
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