Bitcoin hit a new high amid price volatility - page 2.

btc_angela

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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.

Fundamentally? Yes, this is a good indication, it just shows how stable bitcoin is. Might be good to see as well which country has taken the lead as far as bitcoin mining goes specially after the China ban.

Nevertheless, the 'clean and green' slogan seems to be on the move this year. Specially how the scientist 3 weeks ago points out that we need to limit global warming. And bitcoin mining could be a public target for groups pushing for 'clean and green' agenda all over the world.

DapanasFruit

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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.

Welsh

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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, especially since there's energy crisis in some areas (hence probably increased prices for electricity here and there), semiconductors shortage (hence I expect somewhat smaller production of miners) and political drama (omg bitcoin consumes this and that and it's not even green!)

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

The great thing about this is despite the ongoing political drama that you mention, especially with the energy claims as of recent, Bitcoin once again proves in the long run it's resistant to this sort of ongoings, which bodes well for the future, and especially the price.

Honestly, if anything if would be the perception of the public with energy consumption I'd say is one of the biggest threats to Bitcoin, especially with how the world is going towards the greener the better sort of mentality. So, while I don't think we've escaped the problems, at least from a Bitcoin users perspective we haven't lost faith, evidenced by the increase in hash rate.

Jating

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Yeah, I followed the news regarding the hash rate for sometime during the China ban and the problem is Kazakhs before. So it's good to see that the numbers are back and could be a good indication that we might be somewhat in stable form not at least. But if this will translate to a bitcoin rally? We will have to see, this is all business now and this miners will have to generate enough money to survived in their mining business. Might just be a few jumps here and there, but I don't expect a rally though or even a new all time high.

hugeblack

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All of these factors are economic. As long as mining is profitable, the hash-rate rate will continue to rise.
Many people are still betting on an increase in the price. Also, do not forget that now mining companies have included those companies that are not looking for a temporary profit, but will continue to work for a while even if mining is not profitable.

I think we will see an increase in the hash rate and it will continue.

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

Basically, the higher the hash rate, the more secure the network, since more computation intensity is needed to attack it.

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.

Does anyone by any chance have a chart or graph which shows how mining power is distributed globally since the Chinese ban?

NeuroticFish

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While "Bitcoin hit a new high amid price volatility" may be misleading, the fact the hash rate went ATH again is interesting, especially since there's energy crisis in some areas (hence probably increased prices for electricity here and there), semiconductors shortage (hence I expect somewhat smaller production of miners) and political drama (omg bitcoin consumes this and that and it's not even green!)

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

TheGhostMan

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Quote

The recent increase in the hash rate of the BTC network signifies the growing number of miners on the blockchain. The hash rate of the bitcoin network has grown more than 400% since the Chinese crypto mining ban last year, when it fell below 70 EH/s.

For those who don't know this, hash rate refers to the total combined computing power, which cryptocurrency miners use to issue new bitcoins and make new transactions. Basically, the higher the hash rate, the more secure the network, since more computation intensity is needed to attack it.

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. With gaining much more fame, clean mining has become a priority for various mining companies.
Information extracted from: https://coin3.net/es/la-tasa-de-hash-de-la-red-de-bitcoin-alcanzo-un-nuevo-record-en-medio-de-la-volatilidad-de-los-precios/

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