Bitcoin Hash rate returned to its All-time high. - page 2.

NeuroticFish

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Quote from: BitMaxz on December 09, 2021, 09:32:42 AM

I don't know about the price if it becomes an uptrend but since the hashrate is increasing more supply is coming.

If I understood it right, you seem to be expecting miners receive more bitcoin because of the hash rate increase.
While there will be an ~8% increase caused by the faster blocks, that will last only 2 more days, until the next difficulty adjustment.
So overall medium - long term effect on the price should be upwards.

If I've done similar math as you did, the downwards trend should be there only on short/very short term (and I would not be certain about that either, since we already had the drop).

Leviathan.007

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This can be a piece of very good news for bitcoin miners also I can see the mempool is nearly empty of transactions and most of the transactions can be confirmed with even 2 or fewer sats and this situation on the bitcoin network is really nice. However, I didn't see any news about China and the ban if it's lifted or not. Also in my idea after this good situation and the recent price fall which was necessary for recovering the price, everything is ready to see a higher target because of this good situation of the network.

dothebeats

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Just a few months ago, China has been cracking down on miners, but all they did was force miners out of their pitiful situation and seek business somewhere else. It's never the loss of the network nor the miners as a whole, but rather the governments which constantly tried to ban bitcoin and all of its machineries in favor of their own interests. They gain nothing in return, and lost just a whole lot more by doing that silly move.

teosanru

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Quote from: Wiwo on December 09, 2021, 08:55:33 AM

After the Bitcoin hash rate dropped down since June 2021 after China climbed down on Bitcoin miners, this week the bitcoin hash rate has returned and made a new all-time high in its transaction hash rate which points to one thing that the price of the cryptocurrency will see a new twist in uptrend dimensions.

Isn't this the other way round? What I have seen in the past is that first, the price of bitcoin would rise and accordingly miners come in and the hash rate rises too, same happened this last time also until the China ban, I have never seen the market touching new highs because the hash rate has gone very high. But yes this does indicate one thing that just because one big country has banned mining doesn't mean that mining would stop altogether, miners just shifted their location or the old miners exited and the new miners have joined in the pool. Indicating to the remaining countries also that it's almost impossible to ban mining altogether.

Oasisman

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Quote from: RapTarX on December 09, 2021, 12:44:05 PM

Ah, how come? How all the Chinese guys started mining once again LOL. It's quite surprising that we got an ATH while China has banned mining. Is it possible that all these miners from China have shifted from China to more Bitcoin friendly country? China news fud is going to die soon and won't have much influence over the market I guess.

That is what most probably happened.
When you put up a mining rig in a county where it has been an anti-crypto government since the very beginning, you'll be expecting a crack down anytime to any crypto related investments & businesses, and Bitcoin mining are one of those.
So, the most important thing and the most safest thing to have is a contingency plan. Once a ban is imposed, you'd better be ready to vacate all your hardware to a place where it's unlikely to be cracked down as soon as possible.

RapTarX

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Ah, how come? How all the Chinese guys started mining once again LOL. It's quite surprising that we got an ATH while China has banned mining. Is it possible that all these miners from China have shifted from China to more Bitcoin friendly country? China news fud is going to die soon and won't have much influence over the market I guess.

fiulpro

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Quote from: Wiwo on December 09, 2021, 08:55:33 AM

After the Bitcoin hash rate dropped down since June 2021 after China climbed down on Bitcoin miners, this week the bitcoin hash rate has returned and made a new all-time high in its transaction hash rate which points to one thing that the price of the cryptocurrency will see a new twist in uptrend dimensions.

Not a tech person. But for me Hash rate = security.
Security is now the number one thing when it comes to any cryptocurrency. At the same time this shows some few other things as well:
1. Dominance of China over the market died
2. Miners were able to upgrade and adjust which means it would have long term benefits since it would not be controlled by the Chinese
3. Price will start recovering because of the good news
It's not just the price that might have a positive feedback, it would also be the general health of the market. We can also see + effects on other Altcoins as well. Their trading pairs might be on the top soon.
Also a side note :
Not always is the increasing hash rate a good implication since we might be needing more energy, more energy consumption perse, so to make the whole thing sustainable, they might have to switch to renewable sources of energy.

hugeblack

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It is a positive sign on three aspects: price, decentralization and transaction licenses. We are at the $50k USD and still need near-zero fees to confirm transactions. Therefore, the situation is better than 2017, but it may not be excellent in price. We may need to wait a month or two until we reach 70K USD.

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You will read many news like this in future.

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kaya11

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It's good news for miners like us, I hope it does give great deals for us. How did it go for miners on China? They the go back to mining again? What ever comes I won't stop mining Bitcoin or eth or any other coins, aside from it gives me money I can most of my time mining and thus contributing to the network.

buwaytress

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As expected. And as I said those months ago, if THAT is the extent of the effect on hashrate on the China exodus, then all those qualms we've sometimes had over Bitcoin's distribution of hash power can be put to bed. If anything, that incident brought in many more new players, further diversifying miners.

Quote from: bitmover on December 09, 2021, 09:06:03 AM

And this is quite amazing. Mempool is quite clean of transactions.

We can see now using https://mempool.space/ that we can get a confirmation with just 1 sat/vbyte.

It's been for the majority of the year, actually. I've caught a few times where the fee's 3 to even 15 sats as a suggested next block confirmation, but that's usually when there's been an unusual amount of time from the last block found. A 1 sat/byte tx is all I've done all year long for non-urgent transactions and everything's in before 24 hours pass.

BitMaxz

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I thought that the mining ban in China is lifted but I couldn't see any news if it's lifted.
I think there might be newborn gear produce that could mine more than 110th/s which I think is one of the reasons why the hashrate is rising and reaching a new all-time high.

I don't know about the price if it becomes an uptrend but since the hashrate is increasing more supply is coming.
So if Bitcoin is still in low demand then the price movement is still stable or downtrend. I'm not FUD but it's just my own analysis.

bitmover

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Quote from: Wiwo on December 09, 2021, 08:55:33 AM

After the Bitcoin hash rate dropped down since June 2021 after China climbed down on Bitcoin miners, this week the bitcoin hash rate has returned and made a new all-time high in its transaction hash rate which points to one thing that the price of the cryptocurrency will see a new twist in uptrend dimensions.

And this is quite amazing. Mempool is quite clean of transactions.

We can see now using https://mempool.space/ that we can get a confirmation with just 1 sat/vbyte.

Bitcoin is fast, cheap and secure.

Miners are investing in bitcoin. I believe big players are investing as well. We should not panic sell in this dip

Wiwo

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After the Bitcoin hash rate dropped down since June 2021 after China climbed down on Bitcoin miners, this week the bitcoin hash rate has returned and made a new all-time high in its transaction hash rate which points to one thing that the price of the cryptocurrency will see a new twist in uptrend dimensions.

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