- What December 2019 has in store for Bitcoin (BTC)
- The hashrate of Bitcoin is on a downward spiral
- Bitcoin seems to be following a pattern similar to the mining power of Litecoin
Bitcoin News Today – We have finally made it to that month of the year that usually has some surprises in store for Bitcoin (BTC) and the entire crypto space. December has always been a remarkable month for Bitcoin over the past few years.
In December 2017, Bitcoin (BTC) surged enormously and broke over the $19k level, which is the highest level the digital currency has ever tested. In December last year, the digital currency plunged heavily and returned to the $3k range, its lowest level all through the year. What does December 2019 have in store for Bitcoin (BTC)?
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin’s Hashrate Is on a Downward Spiral
As the year is drawing to a close, we might see some interesting BTC action in the remaining few weeks. If the hashrate of the network can serve as an indication, the forthcoming activity may not necessarily be positive. Over the past couple of months, the overall hashrate of Bitcoin has experienced many ups and downs.
It reached a peak two times when the total capacity hit about 110 exohash per second. Whenever the hashrate hits this level, it decreases enormously afterward. Since November last year, the total mining power of the network has seemingly been on a downward spiral.
It has peaked at 105 Exohash several times. However, it has also plunged and tested a low of 75 Exohash a few times. Such fluctuations are absolutely not normal and they have raised a fair few questions in the crypto space.
Is Bitcoin Following a Pattern Similar to the Mining Power of Litecoin?
It looks as if Bitcoin (BTC) is following a pattern similar to the mining power of Litecoin, though in far less of a downward spiral. As the price of Bitcoin (BTC) fluctuates, it becomes more or less plausible to mine other digital currencies in terms of profitability. Bitcoin Cash (BCH) seems to be ahead in terms of making profits with mining hardware, according to Coin.Dance.
Bitcoin SV (BSV) is still in third place, and it has been at that position for quite some time now. For miners, having several options at their disposal is vital. No miner wants to operate at a loss, especially when the prices have shown significant volatility over the past few weeks.
In all, it does not seem like there has been a considerable change in the mining power across the three networks. Bitcoin (BTC) is still the number one in the crypto space, and it would probably remain in that position for the near future.