Bitcoin hit a new high amid price volatility

Wimex

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As you mention

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Bitcoin has withstood many tests and different regulatory attacks

What we have experienced together with Bitcoin so far this year is unprecedented, I think the most forceful blow it received was when the conflict in Russia and Ukraine began, but nevertheless it has stayed afloat, the year is not over yet and it is not known what could happen yet, several studies and analyses, in a particularly interesting article commented on what

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Bitcoin has been breaking down from a "bear flag"

source of information: https://cointelegraph.com/news/bitcoin-whale-holdings-at-7-month-highs-despite-warnings-of-btc-price-crash-to-20k

Running the risk of presenting new falls in the coming months.
For what is true, a recession may be coming, there is a lot of uncertainty in the current market, we should not be alarmed, Bitcoin has always shown that in the long term there is nothing to stop it.

SirLancelot

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Quote from: death69 on April 29, 2022, 10:06:20 AM

There is always sort of campaigns against Bitcoin. That is how media works, they are controlled by the big companies or governments and they just want to stop the dream of a decentralized system. But it does not mean there is no useful information from an article. Bitcoin definitely reshapes a variety of aspects of our life. However, to me, bitcoin acts like a symbol of the illusion of decentralized and grediness. How many people really understand the core technology of bitcoin? Do they really want to be free from authority? By the time they believe they are centralized, they will always be centralized, no matter which world they dedicate themselves to.

And, you are right. There are many industries that need more concern. AI, green energy, electric car, neuropsychology... So I would rather choose sustainability over bitcoin. Knowledge and experience are sustainable. They will never get lost.

I would guess that it is not just about being against bitcoin but more about whatever agenda they have at that moment. I mean if the owner of the media company invests heavily on bitcoin then they would love it, if he doesn't and hates it then they would hate it too. Which means that there is nothing inherently against bitcoin in the media, it is all about what the owner thinks and does.

This means that they would only be spending their time on saying things that would help the owner. Obviously not too many media owners end up having bitcoin but it is not none neither, there are a few channels which are pro crypto and youtubers are mainly pro-crypto as well which helps.

franky1

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Quote from: philipma1957 on April 29, 2022, 07:50:07 AM

so hash went from 12 to 53 as price dropped from 20 to 6.

the price didnt "drop"..(synonym to describe how the price went down from a perceived point of stability)
the price inflated to the top of its then value window. to the most premium people were willing to pay..
where this high was just a temporary and unexpected event.. and then corrected back to better value

im only correcting you because many people think when a price reaches an ATH that the ATH is meant to be a new value point of sustained store of value whereby it should remain that high and anything below that afterwards is deemed as a drop/crash..
reality is the ATH is just the temporary event thats not sustainable and is meant to correct.
...

what you also have to take into account is not just the hashrate vs price charts.. but the current active majority generation of asics and their cost of mining

so when you see hashrate rises this does not also mean the value window should rise by the same level.
infact when asics become 50% more efficient a 2x of hashrate remains the same value window.

death69

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Quote from: Welsh on April 29, 2022, 09:46:03 AM

Quote from: death69 on April 29, 2022, 09:23:52 AM

Hard to tell. There are still many companies that choose coal over green energy. In fact, there are sources claiming that bitcoin mining resurrects dying coal plants . Therefore, I believe this kind of news only has a neutral impact, especially when we are in the middle of the downtrend season

But in the future, we might witness a better scenario where companies will choose sustainability over toxicity

Aye, but it doesn't mean the Guardian is correct in this instance. There's been a ongoing sort of campaign against Bitcoin, where pretty much all the news sources are releasing the same sort of articles about how Bitcoin is detrimental to the environment, and how its resurrecting old coal plants which wouldn't have been around if it wasn't for Bitcoin. Frankly, I'm not buying it. There's far more industries which are contributing a lot more, but are ignored. Plus, Bitcoin isn't any less important than some of these industries, so singling out Bitcoin just seems rather biased in the first place. While, I do admit that Bitcoin definitely is contributing, and there will be ways that we can improve it, I still wouldn't say it's the worse offender

There is always sort of campaigns against Bitcoin. That is how media works, they are controlled by the big companies or governments and they just want to stop the dream of a decentralized system. But it does not mean there is no useful information from an article. Bitcoin definitely reshapes a variety of aspects of our life. However, to me, bitcoin acts like a symbol of the illusion of decentralized and grediness. How many people really understand the core technology of bitcoin? Do they really want to be free from authority? By the time they believe they are centralized, they will always be centralized, no matter which world they dedicate themselves to.

And, you are right. There are many industries that need more concern. AI, green energy, electric car, neuropsychology... So I would rather choose sustainability over bitcoin. Knowledge and experience are sustainable. They will never get lost.

Welsh

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Quote from: death69 on April 29, 2022, 09:23:52 AM

Hard to tell. There are still many companies that choose coal over green energy. In fact, there are sources claiming that bitcoin mining resurrects dying coal plants . Therefore, I believe this kind of news only has a neutral impact, especially when we are in the middle of the downtrend season

But in the future, we might witness a better scenario where companies will choose sustainability over toxicity

Aye, but it doesn't mean the Guardian is correct in this instance. There's been a ongoing sort of campaign against Bitcoin, where pretty much all the news sources are releasing the same sort of articles about how Bitcoin is detrimental to the environment, and how its resurrecting old coal plants which wouldn't have been around if it wasn't for Bitcoin. Frankly, I'm not buying it. There's far more industries which are contributing a lot more, but are ignored. Plus, Bitcoin isn't any less important than some of these industries, so singling out Bitcoin just seems rather biased in the first place. While, I do admit that Bitcoin definitely is contributing, and there will be ways that we can improve it, I still wouldn't say it's the worse offender

fiulpro

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For a second I thought I missed out the price of Bitcoins and the title is misleading for sure and I didn't expect the price to rise that fast and then I went to my wallet> checked the price and then continued reading the post. Well Hash Rate is extremely important it nor just about :
•Security
It also shows how well bitcoins is being adopted in the economy. If the whole network is healthy then in no time we would be able to achieve ATH in terms of the price. There are so many miners and at the same time even the government is now joining in as well. For them. High hash rate could bring more rewards as well, if they have a powerful machine ofc. Apparently Intel Mining chips are proving to be extremely helpful as well. Also the news about Fort Worth might also influence other governments and companies as well.

kryptqnick

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I don't like the naming because of course people normally think the new high is about the price, and a new hashrate high is something different. Even if it increased 3x rather than 4x, it's still very significant. That being said, is it even 3 times? If we look at total hashrate here, it went from 84 to 223, so it's actually well below 400% and 325%. But still, it's growing, which means the interest is still strong, despite China outlawing mining, and despite many countries thinking of tougher regulations. I would not, however, expect this to have any impact on BTC price.

death69

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Quote from: TheGhostMan on April 28, 2022, 01:32:50 PM

With gaining much more fame, clean mining has become a priority for various mining companies.

Hard to tell. There are still many companies that choose coal over green energy. In fact, there are sources claiming that bitcoin mining resurrects dying coal plants . Therefore, I believe this kind of news only has a neutral impact, especially when we are in the middle of the downtrend season

But in the future, we might witness a better scenario where companies will choose sustainability over toxicity

Doan9269

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Quote from: TheGhostMan on April 28, 2022, 01:32:50 PM

In my opinion, Bitcoin has withstood many tests and different regulatory attacks. The rise in mining difficulty and network hash rate also comes at a time when there is significant momentum for Bitcoin.

We can say to an extent all the factors listed above also in one way or the other contribute to the volatility in bitcoin price, especially the government regulation while the hash rate is the major determinant to the supply of bitcoin and this miners could easily find a great challenge in dealing with the government over power supply, regulation and tax payment, but the most interesting aspect of these is that despite the continuing challenges bitcoin never go by inflation neither does it value and acceptability decreased, i see it breaking forth above $40k before the end of nextweek hopefully or sooner.

philipma1957

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Quote from: Zilon on April 29, 2022, 07:57:26 AM

Increase in hash rate is directly proportional to increase in miners and also an indication of network security as more miners are verifying transaction making the authenticity of every transaction entered into the Blockchain more secure and temper proof.

Bitcoin momentum is a function of many activities Bitcoin has been able to uphold over time. The rise in mining difficult didn't just maintain Bitcoin momentum but also increase Bitcoin supply as miners rewards decreases

I mine so I like this pattern but I know I am established. I know my limits and what I can get the team to.

Our big group may 2x its hash this year.

Time will tell. Oh we are still under 1 mill in gear but we were at 4 s9's in dec 2018

so expansion has happened a lot in under 4 years for us.

We found some other possible locations one could be really good for us as he has 31 properties at least a dozen could go solar and mine for "free".

At Welsh

as we expand we look for clients that fit our model.

the new client we are starting with will do 4000 foot office roof with solar that will support 7kwatts 24/7/365

seems small but he has 31 properties and 12 could be good. He has a need to create passive income for someone. So if it works maybe we do a total of 100kwatts of 24/7/365 power for him that is about 600kwatts of arrays. use a factor of 6 to get your 24/7/365 power delivered.

Welsh

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Quote from: Zilon on April 29, 2022, 07:57:26 AM

Increase in hash rate is directly proportional to increase in miners and also an indication of network security as more miners are verifying transaction making the authenticity of every transaction entered into the Blockchain more secure and temper proof.

Depends what your definition of a miner is, if its based on hardware sure. If it's the person/organisation behind that miner then it might not be directly indicative of more people entering the market, since a lot of existing miners will be looking to scale their operations, and earn the maximum amount possible.

While technically it does increase the amount verifying transactions, to a certain point it doesn't really improve it all that much. Unless, as you say there's new people entering the market, as that at least reduces the amount of centralisation. Mining being probably one of the more centralised parts of Bitcoin.

Zilon

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Increase in hash rate is directly proportional to increase in miners and also an indication of network security as more miners are verifying transaction making the authenticity of every transaction entered into the Blockchain more secure and temper proof.

Bitcoin momentum is a function of many activities Bitcoin has been able to uphold over time. The rise in mining difficult didn't just maintain Bitcoin momentum but also increase Bitcoin supply as miners rewards decreases

philipma1957

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Quote from: franky1 on April 29, 2022, 01:51:25 AM

with the china event bringing it down to 70.. a 400% would be 280exa..
.. um not quite yet has that happened.. (its 325%, so topic creator is a bit over emphasising things)

also comparing the mining cost of last year (around the china event) where asics were a different generation thus different cost.
this years generation(efficiency) means that the current new ATH hashrate is not going to present as a massive opportunity for a new ATH price.
infact the window of value is still around the same $30k-$70k for mining, thus the price window of support and resistance remains about the same

those lucky enough to mine the cheapest mining costs wont sell for less thus market prices support a market 'bottom' of that support.
everyone on the planet can mine for less then the high mining cost window. so no one will buy if they can get coin cheaper by mining, thus showing a resistance to go above a certain price on the market.

this value window is the same now as last year. so lets not exaggerate possibilities of new ATH prices when all logic and statistics still dont show such opportunity... .. YET

. Nice post

To all when BTC unwound fro 20k in dec of 2017 to 6 k in 2018 hashrate increased more than 3x

look at price from dec 2017 to late 2018

look at hash from 2017 to oct 2018

so hash went from 12 to 53 as price dropped from 20 to 6.

So are we simply repeating the big hash build up of 2018 if so we have 2x the rate to go as btc unwinds out of the 30-70 slot it has been in since dec 2020.

Personally it may not happen as power may get costly. and we may not go to 600eh by years end. time will tell

sunsilk

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Quote from: TheGhostMan on April 28, 2022, 01:32:50 PM

In my opinion, Bitcoin has withstood many tests and different regulatory attacks.

I agree.

People don't see this fact about bitcoin rather they only look at the roller coaster ride of bitcoin. But checking out how secure the network is and the hash rate difficulty goes higher, is one big sign to us who are believing in the long term status of bitcoin.

Along with the better security that we're seeing. This comes also with the price for which we're also looking at but people should also seeing some information like this.

NeuroticFish

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Quote from: Don Pedro Dinero on April 28, 2022, 10:13:27 PM

Yes, good news, and as others have said, hopefully this will have an influence on the price, but increased security is key.

Well, Bitcoin security looks very good for some years now, no risk at all there; the only "problem" is that miners pay more and more for every satoshi they receive as rewards.

Quote from: Oshosondy on April 29, 2022, 12:18:57 AM

Quote from: NeuroticFish on April 28, 2022, 01:58:50 PM

Thanks for the nice news. I have hopes the price will also get (sooner or later) follow better this trend.

The price is not having correlation with the mining hashrates this year, the fall of bitcoin price in the past significantly can make mining hashrates to reduce, but as the price has fallen this year, bitcoin is achieving increasing hashrates. This is caused by one thing, the miners may not see high profit now but having the mindset that the price of bitcoin will still increase and reach ATH in a way they will have more profit. But Bitcoin price is still good because miners too are selling, if they do not make profit, the hashrate supposed to have reduced as some would have quit mining.

Miners can't sell at a loss. Or at least not for long. Yes, they may be still selling, it may mean that they're still on profit, but with every Ehash/s up, that profit is smaller. And that's going on for quite a while, hence I expect sooner or later they'll stop selling and forcing the price go up (and if that doesn't work out, unplug the gears, at least temporarily).
That's why I said "sooner or later". I don't expect this happen overnight, but we're going in that direction.

franky1

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with the china event bringing it down to 70.. a 400% would be 280exa..
.. um not quite yet has that happened.. (its 325%, so topic creator is a bit over emphasising things)

also comparing the mining cost of last year (around the china event) where asics were a different generation thus different cost.
this years generation(efficiency) means that the current new ATH hashrate is not going to present as a massive opportunity for a new ATH price.
infact the window of value is still around the same $30k-$70k for mining, thus the price window of support and resistance remains about the same

those lucky enough to mine the cheapest mining costs wont sell for less thus market prices support a market 'bottom' of that support.
everyone on the planet can mine for less then the high mining cost window. so no one will buy if they can get coin cheaper by mining, thus showing a resistance to go above a certain price on the market.

this value window is the same now as last year. so lets not exaggerate possibilities of new ATH prices when all logic and statistics still dont show such opportunity... .. YET

Oshosondy

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Quote from: NeuroticFish on April 28, 2022, 01:58:50 PM

Thanks for the nice news. I have hopes the price will also get (sooner or later) follow better this trend.

The price is not having correlation with the mining hashrates this year, the fall of bitcoin price in the past significantly can make mining hashrates to reduce, but as the price has fallen this year, bitcoin is achieving increasing hashrates. This is caused by one thing, the miners may not see high profit now but having the mindset that the price of bitcoin will still increase and reach ATH in a way they will have more profit. But Bitcoin price is still good because miners too are selling, if they do not make profit, the hashrate supposed to have reduced as some would have quit mining.

Quote from: fortuner on April 28, 2022, 11:21:59 PM

If you look at the current bitcoin price, I also think that bitcoin is able to bounce back to the price of $50k but maybe at the end of the month of May.
Because at this time bitcoin continues to make price corrections which sometimes drop drastically and sometimes also make the Zigzag line high.

I can only advice you to have long term investment plan, do not be surprised if bitcoin price has not gone so high as expected in just a month, I am not saying it can not go high as that but the time involved is short and can not be used to make good speculation about bitcoin price.

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Quote from: DapanasFruit on April 28, 2022, 07:39:59 PM

I am beginning to see the importance of hash rate for the security and stability of the Bitcoin network and at the same time can be a big vote of confidence for Bitcoin coming from growing number of miners who are participating in the said economic activity...as people are saying: the more, the merrier, the better. Now, I am expecting that soon we can hear another good news and it would have something to do with its price...am actually looking forward that in the month of May Bitcoin can reach at least $50K as I read somewhere that today BTC seems to be bottoming out of the quagmire it is in.

If you look at the current bitcoin price, I also think that bitcoin is able to bounce back to the price of $50k but maybe at the end of the month of May.
Because at this time bitcoin continues to make price corrections which sometimes drop drastically and sometimes also make the Zigzag line high.

StarKay

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This new hash rate high is a very encouraging news to every bitcoin lover because it shows that either more investors are going into mining Bitcoin or the existing investors are expanding their mining operations.

This also shows the level of optimism that the investors have in the future of Bitcoin and also the price to support their mining operations.

Clean mining operations should continue to be a top priority for miners so as to address environmental concerns and make mining Bitcoin more appealing to everyone.

Don Pedro Dinero

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Ah, thank goodness. I saw the title, thought it referred to the price and deduced (wrongly) that it was a shitpost.

Quote from: NeuroticFish on April 28, 2022, 01:58:50 PM

While "Bitcoin hit a new high amid price volatility" may be misleading, the fact the hash rate went ATH again is interesting,

I agree.

Quote from: Upgrade00 on April 28, 2022, 02:52:12 PM

Higher hashrate does mean more network security, and it would be far more expensive to attempt to centralize the network and obtain 51% computing power and try to hijack the network.

Yes, good news, and as others have said, hopefully this will have an influence on the price, but increased security is key.

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