Topic: #btc Hashrate Reach New ATH a day ago, will the bull run has begun? - page 2. (Read 419 times)
October 13, 2022, 01:51:23 AM
actually the high hashrate does not determine the price of bitcoin, maybe when viewed from the high number of transactions and requests it could determine the price of bitcoin entering the beginning of the bull run, but we are all just speculating with what we learn, for example, I prefer to see and analyze the charts where currently bitcoin will recover faster to enter the start of the bullrun
October 13, 2022, 01:29:25 AM
After the transition of PoW to PoS of Ethereum, it's likely that those miners have found themselves new home mining bitcoin and that made the network healthier which music to our ears.
Ethereum was using a different algorithm than bitcoin. So, those people who were mining ethereum can't mine bitcoin with the same machines at all. The cryptography algorithm used for ethereum was KECCAK-256 while bitcoin uses SHA256.
Well congratulations to ETH "environmentalists" for instantly creating several megatons of technological waste overnight (ASICs)!
I'll end the satire here since this thread is not about ETH.
Mining difficulty does not influence the price at all, only when some external event happens and people rush to exchanges to buy more BTC on exchanges will the price go back up. Because exchanges set the price. That's why each exchange has a slightly different BTC price. Most people just follow Coinbase or Bitstamp's price though.
October 13, 2022, 12:44:46 AM
After the transition of PoW to PoS of Ethereum, it's likely that those miners have found themselves new home mining bitcoin and that made the network healthier which music to our ears.
Ethereum was using a different algorithm than bitcoin. So, those people who were mining ethereum can't mine bitcoin with the same machines at all. The cryptography algorithm used for ethereum was KECCAK-256 while bitcoin uses SHA256.
October 13, 2022, 12:32:20 AM
This in the past historically is a good sign for Bitcoin, more miners in the business than they are willing to sell which signifies security and some kind of reducing cost for miners currently in place somewhere for miners to mine Bitcoin, I guess so. However, this might not get priced in right now into Bitcoin because this bear market has experienced so much pressure unlike other bear market due to events happening around the world, but this is generally a good sign for Bitcoin that we are almost at the bottom, if we haven't bottomed out yet, probably one more leg down.
October 13, 2022, 12:27:59 AM
Hashrate can rise and fall but its general trend is upward. If you see this point, you will see that using the network hashrate as reason to invest is dumb. You can see even in bear market, hashrate still increases but price drops a lot in bear market.
Another fact is capitulation is needed for a market to start a new bull run. Do we see miner capitulation yet? I could be wrong but miner capitulation has yet occurred in this bear market. I would like to wait longer to use most of my capital to invest in Bitcoin. Current price is good to accumulate it but I don't use all my capital for accumulation at the moment.
Another fact is capitulation is needed for a market to start a new bull run. Do we see miner capitulation yet? I could be wrong but miner capitulation has yet occurred in this bear market. I would like to wait longer to use most of my capital to invest in Bitcoin. Current price is good to accumulate it but I don't use all my capital for accumulation at the moment.
October 12, 2022, 11:49:52 PM
It could lead to a bull run because high hash rate shows the interest of miners around bitcoin. However, miners are the sellers in the market. To support the price rise, it also needs buyers. If the demand goes beyond the available supply in the market, it would certainly trigger a price rise.
However, it may be possible that the price rise is temporary. It will give some investors a chance to cash in the opportunity. But it's likely not to stay for longer. Let's hope for the best!
However, it may be possible that the price rise is temporary. It will give some investors a chance to cash in the opportunity. But it's likely not to stay for longer. Let's hope for the best!
October 12, 2022, 11:48:36 PM
After the transition of PoW to PoS of Ethereum, it's likely that those miners have found themselves new home mining bitcoin and that made the network healthier which music to our ears.
Although there can be some indirect impact to its price and economy of bitcoin, let's just take it that the network is secured and soon the price might follow and as you've said, we don't know when.
As for relation to mining/hashrate, we can have that example of halving which is also related to them but has direct impact to bitcoin's price.
Although there can be some indirect impact to its price and economy of bitcoin, let's just take it that the network is secured and soon the price might follow and as you've said, we don't know when.
As for relation to mining/hashrate, we can have that example of halving which is also related to them but has direct impact to bitcoin's price.
October 12, 2022, 11:24:56 PM
Bitcoin reaching hash rate ATH after another means Bitcoin is on top of its health. Security isn't a problem. More miners are interested to join in spite of the boring and relatively low Bitcoin price.
This must mean something, of course. This is one reason to celebrate and be more bullish about, especially with regard to Bitcoin's future. It's probably a strong statement of rebuttal, a slap on the face of those who think Bitcoin is dying.
But does this signal a price rally in the immediate future? I don't think so. Well, here's a chart of Bitcoin's hash rate versus its price. Can you spot a pattern? As for me, I didn't find anything. Perhaps if we zoom in? Well, you can look back weeks and months earlier and probably find nothing either. The price has always been volatile and yet the hash rate has consistently been rising.
https://buybitcoinworldwide.com/stats/hashrate/
This must mean something, of course. This is one reason to celebrate and be more bullish about, especially with regard to Bitcoin's future. It's probably a strong statement of rebuttal, a slap on the face of those who think Bitcoin is dying.
But does this signal a price rally in the immediate future? I don't think so. Well, here's a chart of Bitcoin's hash rate versus its price. Can you spot a pattern? As for me, I didn't find anything. Perhaps if we zoom in? Well, you can look back weeks and months earlier and probably find nothing either. The price has always been volatile and yet the hash rate has consistently been rising.
https://buybitcoinworldwide.com/stats/hashrate/
October 12, 2022, 10:38:10 PM
Switch the chart to 6 months, look at how many new ATH we celebrated in the last few months, then go a bit back in time and see that another ATH was in June, what happened after it? Was there a bull run? Is right now a bull run happening cause those red numbers sure don't look like it.
Seriously, why do we keep mentioning these those two things, if an increase in hashrate would trigger a bull run all we would have to do is buy each a miner, and there you have it, magically once we plug those into the power socket the price will skyrocket, because, that's how things work ...in fiction!
In reality, this is gear that was ordered months ago by people who right now are probably hitting their heads against the wall realizing they bought stuff that will OI in 3 years instead of one and that the electricity price is twice as much as the time of the order and companies that went in debt to purchase those overpriced machines. Look at what stronghold is doing:
Bitcoin Miner Stronghold Returns 26,200 Mining Rigs to NYDIG to Clear $67M Debt
Summer ending in the southern US with lower stress on the grid, Bitmain delivering new gear, some data centers clearing ETH miners and having extra room for sha miners, it's probably one hell of a mix of reasons.
Daily hash rate, it's a useless chart as it depends a lot on luck, today 140 blocks can be mined tomorrow 148, still 144 on average but the graph will show a 6% difference and a new spike, one chart that runs on PST can show 150 blocks on that uses GMT can show 145, pretty unreliable stuff.
Seriously, why do we keep mentioning these those two things, if an increase in hashrate would trigger a bull run all we would have to do is buy each a miner, and there you have it, magically once we plug those into the power socket the price will skyrocket, because, that's how things work ...in fiction!
In reality, this is gear that was ordered months ago by people who right now are probably hitting their heads against the wall realizing they bought stuff that will OI in 3 years instead of one and that the electricity price is twice as much as the time of the order and companies that went in debt to purchase those overpriced machines. Look at what stronghold is doing:
Bitcoin Miner Stronghold Returns 26,200 Mining Rigs to NYDIG to Clear $67M Debt
I don't think there's yet been a clear reason given as to why hashrate has spiked so much. There's probably a lot of explanations for it though (like excess electricity production that can't be stored might have made some rates lower in countries - such as nuclear power during the night).
Summer ending in the southern US with lower stress on the grid, Bitmain delivering new gear, some data centers clearing ETH miners and having extra room for sha miners, it's probably one hell of a mix of reasons.
and based on your picture its only touch new ATH and then fall again to around 250 EH, to be honest if the hashrate like the price of coin it looks like double top 
Daily hash rate, it's a useless chart as it depends a lot on luck, today 140 blocks can be mined tomorrow 148, still 144 on average but the graph will show a 6% difference and a new spike, one chart that runs on PST can show 150 blocks on that uses GMT can show 145, pretty unreliable stuff.
October 12, 2022, 10:26:01 PM
At the moment we do not have any clear indication that the bull run has started, on the contrary, everything seems to indicate that in the near future we will continue to follow kind of sideways at the level we are at now. The hashrate is good news because it gives security to the network, but I don't expect a real bull run until after the next halving, unless the OP wants to consider a bull run going up to $30k.
The normal will be that at some point we will start to move up and leave the level of above $20k, but beating $69k and then $100k, which I think will take several tries, will only happen after the next halving.
The normal will be that at some point we will start to move up and leave the level of above $20k, but beating $69k and then $100k, which I think will take several tries, will only happen after the next halving.
October 12, 2022, 09:09:27 PM
the answer is we dont know but this maybe can be the early indicator or this can become other reason like eth miner that have farm start mining bitcoin since mining with GPU dont profit again today.
and based on your picture its only touch new ATH and then fall again to around 250 EH, to be honest if the hashrate like the price of coin it looks like double top
and based on your picture its only touch new ATH and then fall again to around 250 EH, to be honest if the hashrate like the price of coin it looks like double top
October 12, 2022, 09:03:19 PM
I don't think there's yet been a clear reason given as to why hashrate has spiked so much. There's probably a lot of explanations for it though (like excess electricity production that can't be stored might have made some rates lower in countries - such as nuclear power during the night).
The fact that it rose and then dropped might say something else too. Could this be a mining firm testing miners work before selling them whenever the next halving/price spike is (particularly a large producer of hardware).
It's possible some people have invested in producing their own electricity and powering miners with it to generate more profit than they'd get from the grid (but I think this number will be very small).
The fact that it rose and then dropped might say something else too. Could this be a mining firm testing miners work before selling them whenever the next halving/price spike is (particularly a large producer of hardware).
It's possible some people have invested in producing their own electricity and powering miners with it to generate more profit than they'd get from the grid (but I think this number will be very small).
October 12, 2022, 08:47:59 PM
I'm not saying that this wouldn't cause a price rise, but take note that most bitcoin buyers don't give a crap about hashrate, and most definitely a lot of them don't even know what a hashrate is and/or why it's quite important.
In the end, it's far more likely and makes far more sense that the hashrate will follow the price, rather than the price following hashrate.
In the end, it's far more likely and makes far more sense that the hashrate will follow the price, rather than the price following hashrate.
October 12, 2022, 08:24:39 PM
https://www.coinwarz.com/mining/bitcoin/hashrate-chart
If we come to 2 years back when Hashrate reached New ATH, I have optimistic that bitcoin price will happen back to the ATH price or to be more create a new ATH, but I don't know exactly, maybe the next day, month, or year, or 10 years from now.
Many people said we can't compare the Hashrate with the price because this is all about the ecosystem, the more people mining that will be stronger the ecosystem (bitcoin network). but my feeling sure this situation is very related to the price, I can't tell you the reason, so if you have to, don't hesitate to start shopping bitcoin now, hurry up, so what are your feeling?
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