The Bigger the Hit to a Country’s GDP, the Higher the Stock Market Jumps

The US economy shrank by an annual rate of 32.9% between April and June, the sharpest contraction triggered by the coronavirus pandemic since the second world war.

This economic shock in April, May, and June was over three times as sharp as the previous record of 10% in 1958 and about four times the worst quarter during the Great Recession.

“This is something we have never seen before,” said Jason Reed, assistant chair of finance at the University of Notre Dame.

“At first I felt it was like a natural disaster that had hit the entire country at the same time. Now it is evolving into something worse than that.”

The record-settling fall in the gross domestic product, the broadest measure of economic activity compared to the same time last year after for the second week in a row following a four-month decline 1.43 million Americans filed for unemployment benefits last week.

Economists expect the economy to recover sharply later this year, but the recent rise in infections across the US is clouding that outlook.

Interestingly, during this time, the S&P 500 jumped 24% thanks to all the money printing the Federal Reserve did. After the initial $3 trillion stimulus package, another trillion-dollar aid is expected soon. For now, Congress is struggling to strike a deal on the new round of financial support.

On Wednesday, the Fed said the US economy is facing significant challenges from the coronavirus pandemic and vowed to continue to take aggressive action to support the economy to recovery.

The US’s GDP report came as Germany, Europe’s largest economy, recorded a slump in economic growth, contracting by 10.1% in Q2, the most significant decline since 1970, while its stock market DAX jumped 28%.

The fall in GDP came as parts of the US economy shut down in an attempt to halt the spread of coronavirus across the country. The closures led to a historic number of layoffs that sent unemployment soaring to levels not seen since the 1930s Great Depression.

Now, as the first month of the third quarter comes to an end, the S&P 500 jumped 3.6% in July. But it was precious metals that stole the show.

Gold jumped 10.6% this month and broke the 2011 record to hit a new all-time high in Q2. This has been in part due to a 1.6% decline in the US dollar index, which further hit over two-year low with a 4% decrease in July.

Meanwhile, bitcoin the ‘digital gold’ woke from the slumber just last week and spiked 23.6% in July, after a 68% jump in Q2, now trading above $11,300.

“Gold, Silver, Bitcoin all hitting, or going, to new ATH,” said Max Keiser adding the bad news is all of this is because,

“global central banks are staging a debt-for-equity coup disenfranchising 7.6 billion people who will be left for dead unless they have some Gold, Silver, Bitcoin.”

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Author: AnTy

Biggest Shift in Bitcoin Hashrate May Come in 2020

Bitcoin price is stuck around $9,100, but the hash rate of the network is continuing its ascent since crashing after the block reward halving.

The hashrate is yet again near the all-time high at around 130 Th/s after the jump in difficulty – the biggest since January 2018. Despite this, the bitcoin block mining time is back below 10 minutes since mid-June. Currently, a new BTC is being produced at an interval of 8 minutes 37 seconds, as per Bitinfocharts.

Amidst this, BEG reported that bitcoin mining giant Bitmain had received an order for 17,500 S19 mining machines from the US blockchain service provider, Core Scientific. The first batch of the agreement, which has a duration of four months, has already been delivered.

The latest flagship bitcoin mining machine of Bitmain currently costs 14,260 yuan, just over US$2,000.

A similar trend is seen by F2Pool, which reported receiving orders of large quantities of new-gen hardware from some of the biggest North American bitcoin mining operators.

On top of this, China’s rainy season is in full swing. The country is facing its worst flood in 70 years, with many plateaus in southwestern Sichuan Province experiencing heavy rain since mid-June. This was expected to continue in some parts of Sichuan.

Sichuan is of strategic importance for the Chinese mining ecosystem as such could play a part in the potential loss of mining hash power out of China, said Denis Vinokourov of Bequant.

All these bitcoin miner orders and “the hydro season in China coming to a close in October 2020 could see the biggest shift in hashrate,” said F2Pool.

Already capital controls in China have miners exporting their operations outside of China, and de-dollarisation of various financial systems, specifically in emerging economies are pushing them toward bitcoin mining.

These factors, combined with the institutionalization and financing of mining operations with the US, is why China has already started experiencing a sharp decline in Bitcoin mining dominance, which states the Amun Report.

Moreover, the US is seeing an increase in hashrate, now accounting for 7.2% of market share, making it the second-largest hash rate contributor after China.

Bitcoin Miners Expanding

Amidst this, Bitcoin miners are expanding their business, some even out of the mining sector.

Hut 8 has raised a total of $8.3 million from selling a 6% equity stake to investors, about $88k more than the original $7.5 million funding target. The Toronto-listed mining company is planning to invest this in new equipment that will enable them to increase their mining capacity to over a fifth.

“This financing is expected to strengthen Hut 8’s cash flows and balance sheet,” said company spokesperson Ryleigh Ebron.

Ebang International Holdings Inc. meanwhile is planning to launch an offshore cryptocurrency exchange this year, in an attempt to diversify beyond the mining sector. The company is considering applying for licenses in Singapore or the US or acquiring an existing exchange operator.

The Chinese crypto mining giant could see its total revenue grow about 40% in 2020, after expanding into the newer business of clients that manage data centers, said the company CFO, Chen Lei.

Revenue could double to $200 million this with the launch of digital asset exchange, otherwise, the mark should be hit in 2022, he said.

The Hangzhou-based maker of Bitcoin mining rigs that went live on Nasdaq under the ticker EBON last week has its shares currently trading at $4.50, down from the IPO price of $5.23 where it raised $100 million.

Ebang is planning to use the proceeds from the US share sale to develop new models of machines and expand overseas. Setting up regulatory-compliant crypto exchange outside China is part of the plan. Chen expects to initially attract 10% of the total transaction fees of digital asset trading.

Ebang is not the only one looking into expansion; its rivals Bitmain and Canaan are also betting on making chips in the field of artificial intelligence to reduce their reliance on BTC prices.

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Author: AnTy

Institutions Are More Committed To Blockchain Technology Than Ever: Deloitte Survey

  • Global industry leaders are embracing blockchain technologies and digital currencies in a rate unseen before, according to the latest annual edition of Deloitte’s “2020 Global Blockchain Survey”.

A survey conducted by 1,488 executives across several industries across 14 countries, including Canada, China, Brazil, USA, South Africa, U.K., United Arab Emirates, and Switzerland revealed 55% of the big corporations are looking at blockchain integration as a top-five strategic priority in their companies. The key takeaway from the 2020 Global Blockchain Survey is,

“Organizations appear to be more committed to blockchain technology than ever and demonstrating this by implementing it as part of their normal course of business.”

Note: the survey focused on executives who had a clue on blockchain technologies tilting the overall distribution. Additionally, 100 respondents who have already tested blockchain integration within their companies (must have at least $3 million in VC funding) were also included in the survey.

Industries showing extreme blockchain tech craze

The number of executives that have brought blockchain technologies into production in their firms stands at 39%, a sharp rise from 23% in 2019. For larger firms, those with at least $100 million in revenue and $1 billion, the number goes up to 41-46%.

Deloitte Survey
Deloitte Global Blockchain Survey 2020

Digital assets as a replacement?

The digital currency race seems just as important as that of blockchain technology integration, with 89% stating digital currencies will be used in their industry in some way. Of these, 53 percent believe that digital assets will become “very important” in their line of industries.

These institutions are also gunning for the growth of a wide variety of digital asset classes with enterprise tokens, asset-backed stablecoins, and decentralized tokens such as BTC, a popular opinion. In a question on whether digital assets will, in the future, replace the fiat currency system, the group overwhelmingly agreed despite the different countries.

China leads in this aspect, with 94% of the respondents saying a digital currency will replace the Yuan. Brazil and UAE respondents also saw high scores of 92% and 90%, respectively. However, only 71% of South Africans believe digital currencies will replace the Rand.

Skepticism Surrounds Blockchains

However, despite the growth in institutional appreciation of blockchain, there is growing skepticism surrounding the hype of the blockchain technologies and whether they can deliver on promises. 54% of the respondents believe the technology is overhyped, a rise from 43% and 39% in 2019 and 2018, respectively.

Deloitte Global Blockchain Survey 2020

Cybersecurity has been one of the critical areas affecting the overall adoption and advancement of blockchain and digital assets strategy across industries, 21% of the respondents said. Positively, nearly 60% of the respondents believe cybersecurity is part of the problem to solve hence needed to be figured out in their strategy.

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Author: Lujan Odera

Bitmain Co-founders Now Fighting Over the Bitcoin Mining Machines’ Shipment

After the halving last month, the bitcoin hash rate is recovering while China’s rainy season is helping with the cost.

On one side, miners are ramping up their efforts with Hut 8 looking to raise $5.6 million to upgrade its BlockBox miners and the second-largest bitcoin mining pool partnering with BlockFi which will provide it capital.

On the other side, the management drama at Bitmain is halting a Shenzhen subsidiary of the company from shipping bitcoin miners to its clients, as per BlockBeats. The subsidiary is owned by Beijing-based Bitmain which is responsible for manufacturing and packaging its bitcoin miners for delivery and pick-ups.

Just at the beginning of this month, Bitmain announced the release of Antminer T19, a cheaper bitcoin mining machine.

The reports of halting the machine deliveries came after company co-founder Micree Zhan Ketuan, who was once exiled, returned to the company in early June.

His rival Jihan Wu is now taking legal action against Zhan’s orders as per the statement issued on June 9.

Zhan, who was ousted by Wu last October earlier this month, sent out a letter to Bitmain employees to announce his return to the company. He called for staffers to return to the office and talked about leading the company to an IPO as soon as the company’s market cap pushes to over $50 billion in the next three to five years.

According to BlockBeats’ video footage, Zhan forcefully entered the Beijing office of Bitmain with his group of private guards.

Bitmain is already facing stiff competition from MicroBT and these latest developments could further reduce the mining giant’s already waning dominance in the bitcoin mining market.

Meanwhile, Bitcoin miners dominance in China, based on hashrate distribution, has fallen from 75.6% in September 2019 to 65.08% by the end of April, as per Cambridge University’s Centre for Alternative Finance.

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Author: AnTy

Global Coronavirus Fiscal Stimulus of $8 Trillion with More Coming Up Fuels Crypto Boom

In quarter first of 2020, the US economy is contracting at a rate not seen since the Great Depression of the 1930s. Also, a total of 30 million Americans filed for unemployment claims in just six weeks.

Amidst this, the Federal Reserve printed trillions of dollars to soften the blow of the coronavirus lockdown on the economy. But it wasn’t only the Fed, other major central banks around the world fired up their money printer to print a coronavirus-triggered collapse of their economy.

And this money supply lifted up the price of stocks this month.

But what all this free money that has been created at the fastest rate ever cannot do is keep people from losing their jobs or restore lost production.

This means while the money supply is shooting up, the supply of goods is shrinking. Bruce Ng and Juan Villaverde of Weiss Crypto Ratings noted,

“More and more dollars chasing fewer and fewer goods is the textbook definition of inflation. And as inflation comes roaring back, it’s going to send safe-haven demand for top-rated cryptocurrencies blasting up.”

The authors argue that this excessive amount of fiat currencies supply has been at a time when buying crypto has become easier than ever.

Moreover, while the world is having quantitative easing, bitcoin is preparing for quantitative hardening in less than 10 days.

Becoming a safe haven

In its latest report titled “Quantitative Tightening,” Grayscale Investments also noted that bitcoin is the best bet against central banks’ money printing as unlimited fiat money could result in the debasement of the US dollar. The report states,

“Untenable levels of debt and fears of widespread default are driving the most aggressive monetary policies since Bitcoin’s creation.”

Currently, we are in an environment where government bonds are offering zero or negative yield, fiat currencies are at risk of debasement, and the coronavirus-lockdown highlighted the delivery issue with the traditional safe-haven asset gold.

The options to hedge are limited and according to the largest crypto asset manager, bitcoin is one such option that will go through supply shock this month. It summarizes,

“Bitcoin is showing signs of becoming a safe haven while maintaining an asymmetric return profile.”

The company that reported a record-breaking Q1 despite the crypto prices tanking amidst the global market rout also advised investors to “understand the effects of government monetary and fiscal intervention.”

Bitcoin market participants are also expecting this quantitative hardening to spark a bull run but Charlie Shrem recently said it will happen just not immediately.

During Virtual Blockchain Week, Shrem shared how the halving coinciding with coronavirus “a black swan event” is “crazy.”

Now as people start getting their unemployment benefits while sitting at home and suddenly bitcoin daily supply is going to be cut in half, according to him, all this money could flow into the bitcoin market.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

Crypto Lender Dharma Becomes First App to Submit A Compound Improvement Proposal

Dharma, one of the leading Decentralized Finance platform has proposed new upgrades to its cDai interest rate model under its Compound improvement model for better user experience.

In a blog post published on 27th April, Dharma claimed that the new changes would ease the burden on capital suppliers without impacting the interest of borrowers.

In its blog post, Dharma claimed that its existing Dai interest model at the time of development did not take into consideration several factors like the Stability Fee (SF) and Dai Savings Rate (DSR) in the existing MakerDAO’s Multi-Collateral Dai (MCD) system for a prolonged period of time.

Thus, the current zero interest rate model is causing a lot of issues and does not offer a good user experience for the capital suppliers when SF and DSR are kept at zero.

As a result, capital suppliers make zero profits until capital utilization is above 90%. Even when capital utilization is above 90% these rates fluctuate widely.

How Does The Decentralized Collateral Model Works?

Decentralized Finances work on top of the Ethereum blockchain, where DAI (non-asset backed stablecoin) is the primary fuel. A user can put their ETH in a smart contract as collateral and draw an equivalent amount in Dai.

Now the user can utilize Dai as per their wish and whenever they want to withdraw their collateralized ETH, all they need to do is pay back the loaned Dai along with the interest rate.

This mechanism also helps in keeping the value of Dai at $1 despite not backed by the actual US Dollar itself. This is done through the dynamic interest rate system created by MakerDao called Target Rate Feedback Mechanism (TRFM) where, if the inflation leads to an increase in the value of Dai above $1, the interest rate is lowered and vice versa. This system aims to keep the value of Dai stable at all the times and equivalent to $1 USD.

How Do These Proposed Changes Benefit Capital Supplier

The proposed changes to the cDai interest system offer a modest interest rate to capital suppliers when the interest rates are below 90%, and as the interest rates are greater than 90%, the interest volatility slightly decreases.

When the Dai saving rates were set to zero, the plotted graph looked like the following chart:

While the proposed changes to the rates would make the graph look something like the following chart:

Decentralized Finance has been seen as a revolutionary use case for decentralized cryptocurrency financial system and also achieved the milestone of $1 billion locked in collectivized assets.

However, 2020 turned out to be a nightmare not just for the mainstream crypto space, but even for the Defi ecosystem which suffered from numerous hacks in recent times, the most recent being DForce.

DForce, in particular saw the loss of $25 million locked in collateralized assets. However, it later turned out that the hacker was trolling the network as they returned all of $25 million stolen assets the very next day.

Similarly, the black Thursday crypto market crash also exposed several flaws of the De-Fi ecosystem when the price of major crypto assets fell by 50%, which led to several thousand Colleralized debt Position (CDP) being partially or fully liquidated.

This caused investors to lose millions and they were miffed since MakerDao has advertised that if the value of the collateral fall by 13%, the collateralized asset would be returned to the investor with a max 13% penalty cut.

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Author: Rebecca Asseh

Bitcoin Miners Are Shutting Off their Rigs as Hash Rate Drops 28% from ATH

  • Trading volume hit new highs on sell-off
  • Bitcoin hash rate down 28% from ATH on March 1st at 136.2 Th/s to below 100 Th/s
  • Bitcoin mining difficulty preparing for a negative 6.5% to 9.1% change
  • Mining profitability falls to its all-time low of 0.077

The price of Bitcoin is keeping stable at around $5,000, currently trading at $5,325 with 24 hours gains of 5.79%. In the past 24 hours, $1.75 billion worth of bitcoin exchanged hands.

The trading volume of the digital currency reached near record highs amidst the deep sell-off last week. On March 12th, bitcoin trading volume soared to a two year high with more than 416,000 BTC changing hands.

The high beat the second-highest day occurred on November 20, 2019, when bitcoin just like the past week, experienced a sudden, deep sell-off.

Source: @TradeBlock

Hash Rate Drops

The bitcoin price went down to as low as $3,850, last recorded in March 2019. The hash rate of the network at that time didn’t falter but finally, the effects could be seen on the hash rate — the computation power to mine BTC. Bitcoin mining pool F2Pool said,

The hash rate of the network is currently down over 28% from the all-time high on March 1st at 136.2 Th/s to back below 100 Th/s, as per data analytics firm

Bitcoin miners, particularly in China have started to feel the brunt of the BTC price crash. According to data from F2Pool, a majority of the mining pools have recorded a drop in hash rate. F2Pool tweeted on March 12,

Crypto exchange Huobi’s mining pool experienced a drop of 26% over the past week with 1THash close behind with a loss of 20%. Meanwhile, the bigger pools like Pooling, F2Pool, and saw a decline of only 18%, 12%, and 10%.

The bitcoin mining difficulty that has been surging in line with the hash rate and has yet to see a decline is preparing for a negative 6.5% to 9.1% change in the difficulty in the next 8 days. F2Pool said,

Bitcoin mining profitability at a record low

Bitcoin mining profitability has already taken a hit. Less than two months away from reward halving, mining profitability has fallen to its all-time low of 0.077.

With revenues gone flat and a 100% increase in costs, miners will feel the pinch right now which would result in an increase in block times and fees as “transactions compete for space in the chain,” said James Bennett, CEO of crypto data analysis firm ByteTree.

At this point, even the most efficient mining equipment like Bitmain’s AntMiner S17 Pro and WhatsMiner M20S of MicroBT are generating daily profits at a gross margin below 50%.

Now, come halving which will reduce miner revenue by half, if the price of bitcoin doesn’t bounce back higher, miners will capitulate. Christopher Bendiksen, Head of Research at Coin Shares said,

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Author: AnTy

Bitcoin Sells Off Like Stock Market Even After The Fed Cuts Rates by 50bp; Trump Wants More

Today, in a surprise move, the US Federal Reserve cut its benchmark interest rate by a half-percentage point to help mitigate the impact of the coronavirus on the market and economy.

The officials were in unanimous agreement for an emergency cut to a range of 1% to 1.25%. The Fed also said the “fundamentals of the U.S. economy remain strong,” but added that Fed policymakers “don’t think we have all the answers.”

On Monday, the promise of the interest rate cut had the stock market surging, the Dow Jones Industrial Average jumped a record 1,294-points. Today, the Dow initially added to the gains after the Fed announced the rate cut but soon went down.

The Dow was down more than 700 points, or 2.7% after rising nearly 400 points at one point in the day. The S&P 500 was down 2.5% while the Nasdaq Composite dropped 2.5%.

According to investors, the Fed’s rate cut was bad news. This also means the market had already priced in a rate cut, aggressively.

The market was expecting an interest cut from the Fed in the March 18 meeting and even though the Fed officials spoke out against the cut right away last week, they made the first such emergency cut since the financial crisis.

However, President Donald Trump, who called for a rate cut today early in the day after Australia’s central bank did, pushing its rates to a record low, yet again called out for another cut.

“The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to the USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!,” Tweeted Trump.

The crypto market is reacting the same way as the stock market. Bitcoin also jumped to about $8,870 but soon after followed stocks and dropped below $8,700. However, the volume is extremely low, only $400 million exchanged hands on the top ten exchanges in the past 24 hours.

Source: Coin360

However, stock markets are more volatile than bitcoin today and trader Crypto Micheal notes, “BTC is stabilizing, while some alts are gaining momentum already.”

However, traditional safe-haven assets like gold and silver are surging. Gold prices rose sharply, with April futures were last up $51.20 an ounce.

Lower Fed rates also have investors paying attention to treasury yields, with the 10-bond yield hovering above 1% near an all-time low.

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Author: AnTy

Are Mining Death Spiral Believers Holding Bitcoin’s Price From Jumping?

  • Bitcoin hash rate down at 118 Th/s from ATH of 126 Th/s hit on the day BTC price jumped to $9,000
  • A risk to BTC as per institutional investors is another coin with superb marketing skills attraction uneducated investors, a reason “they like XRP”
  • An abrupt drop in the Bitcoin network to near-zero has “zero” possibility of happening

On Jan. 22nd Bitcoin started dropping and today we went to nearly $8,200 level. Currently, we are hovering around $8,400 while managing the daily trading volume of $786 million, as per Messari.

Just like price, the hash rate of the network is also staying around 118 Th/s, down from 126 Th/s on Jan. 17, the day BTC price was at $9,000, as per Bitinfocharts.

About the hash rate, analyst Ceteris Paribus makes an interesting observation. Using 7-day moving average, he found that the hash rate doubled fast in 2017. The time to double the has rate decreased from 284 days to 117 days then to 132 to 117 days at that time.

During the bear market of 2018, this time again increased, taking more than a year to double from 34 Th/s to 64 Th/s. But as we head into the halving, it has yet again picked up speed.

Mining death spiral believers keeping us from rocketing

With the hash rate again taking to hitting new all-time highs, what will be the effect of the Bitcoin reward halving in May 2020? Will it cause a mining death spiral or miner capitulation?

According to the majority (53.8%) of the 7,734 voters, there will be no death spiral however 13.5% believe there would be a death spiral while 32.7% don’t know, revealed the twitter poll conducted by prominent analyst PlanB.

And these almost 50% are exactly what stands between Bitcoin’s current price and stock-to-flow model determined value of BTC at $50,000-$100,000 after the halving, said the analyst.

If this risk disappears, he says we would shoot up to the moon.

The biggest risk that investors see in terms of futures and manipulation he says is also “much less than the benefits.”

Another risk that all institutional investors talk about is another coin with super marketing skills going viral and uneducated investors piling into it. And this is a reason, explained the analyst,

“why they like XRP, smooth talk, super marketing, and great connections with banks. They also like central bank coins. IMO “the next bitcoin” is no risk at all: Lindy and network effects.”

But “effectively zero,” possibility of that happening

The possibility of a mining death spiral is “effectively zero,” says PlanB. This is because that would mean major mining firms closing down one after another causing the hash rate to drop to near-zero.

When it comes to miner capitulation, it occurs when smaller mining operations are forced to sell their BTC to keep their operations running because of the fall in bitcoin price and their mining machines becoming technologically obsolete.

But a vicious cycle of this where “undercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade — then more miners lose their lunch,” situation reaches to a death spiral.

However, crypto proponent and researcher Andreas Antonopoulos had previously said that an abrupt drop in the Bitcoin network to near-zero is not likely to happen.

This is because miners have a “much more long-term perspective.” Also, miners can use their older and cheaper hardware with less overhead costs. And even if Bitcoin crashes to a penny, difficulty adjustment would result in it still being profitable to mine.

As a last resort, there could be a fork to manually adjust the difficulty lower. So, a big drop in hash rate can have drastic effects for BTC price in the short term but it won’t be entering a mining death spiral.

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Author: AnTy

Bitcoin’s Hash Rate Hits A fresh All Time High Signifying A Strong Network Before Halving

Bitcoin hash rate has hit a fresh all-time high (ATH) which shows that the king crypto has continued to gain on its technical ability.

Fresh data from BitInforCharts shows that the total hashes have jumped to 126Eh/s. This shows that the Bitcoin network has been in a meteoric rise in the last two years as the rate was only 13Eh/s when Bitcoin hit its all-time high price in Dec. 2017. The new figure indicates 126 quintillion tried solutions for every second.

The high hash rate illustrates that Bitcoin is currently the strongest and most secure computing network in the blockchain and crypto industry. Currently, it is impossible to perform a 51% attack on BTC as anyone trying wouldn’t be able to withstand such a level of hash power.

The high hash rate shows that there is high miner confidence as there are more miners within the network than ever before. It also shows that miners are more cautious of the incoming BTC halving that will occur in May.

Hash rate can be described as the total amount of processing power that is required for validation in a network. A high hash rate means that it is now more difficult to mine Bitcoin than before. This means that only the miners with superb mining devices and can access chap electricity can afford to remain profitable. Since the start of this year, mining difficulty within the Bitcoin network has increased by 13%.

With the impending halving that will take place in May where miners will get half the reward for finishing a block (6.25 BTC), the ideal expectation is that there will be a mass exodus of miners to other cryptos. However, the recent trend of higher hash rates shows that there are more miners coming to the Bitcoin network.

The miners are expecting that the halving will lead to a price surge and could be the reason they are trooping to the network for a share of the pie post-halving. The high hash rates are good for the pre-halving period.

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Author: Joseph Kibe