A Bitcoin mining facility is where all the magic happens. Whether it is hardware Bitcoin mining or Bitcoin mining cloud computing, it is miners that generate the Bitcoins in circulation. As the cryptocurrency winter kicked in, the Bitcoin mining hash rate diminished significantly. This is why many digital asset investors started asking questions like is Bitcoin dead? Why is Bitcoin crashing? Now, the hashrate from Bitcoin mining facilities have started improving and the BTC price is becoming relatively stable leading people to ask new questions like; will Bitcoin recover? Where can I buy stocks with Bitcoin? Everyone is on high alert as they wait for the long-anticipated Bitcoin bull run.
Will Bitcoin Recover? What Does The Rise In Mining Hashrate Say About The Price Of Bitcoin?
The Bitcoin price prediction 2019 has been all about the upcoming Bitcoin bull run. Everyone has a theory to support the imminent rise in the price of Bitcoin. Even if the price of Bitcoin hasn’t been able to gather enough momentum to surge significantly against the USD, the steadily rising Bitcoin mining hashrate shows that Bitcoin miners in Bitcoin mining facilities have hope in the fundamentals of BTC.
At the time of writing, the price of Bitcoin had lost the support at $4,000 and was trading at $3,962.67. This means that it is up by 1.63% in case you’re thinking of if you should buy stocks with Bitcoin or contact a Bitcoin mining cloud computing firm. The trading volume over a 24 hour period is $10,253,372,608 and the market capitalization is $69,784,100,611 according to CoinMarketcap.com. Keep in mind that the Bitcoin price USD live is currently trying to reclaim the support at $4,000.
Last year, the Bitcoin mining hashrate fell to 30 million tera hashes per second from 60 million. This was around the time the price of BTC fell from $6,400 to $3,200 following the Bitcoin Cash hard fork war. Since then, the Bitcoin mining hashrate from Bitcoin hardware mining facilities and Bitcoin mining cloud computing firms has increased steadily. It is now as high as 50 million tera hashes per second. One of the popular figures in the cryptocurrency mining space, Dovey Wan, took to Twitter to weigh in on the issue. In Wan’s words;
“Hashrate for $ETH has dropped 50% since its ATH and sees no recovery. vs $BTC also once saw a drop for 50% but steadily climbed back up now it’s 80% (50E) of ATH (60E)… This is the most direct reflection of confidence from miners based on their expectation of that PoW coin” #bitcoin #ethereum.
The cryptocurrency industry is fundamentally stable at this time. Miners are confident in Bitcoin and its proof-of-work consensus mechanism. They know that even if the prices aren’t currently at their best, brighter days are ahead. Another expert, Moon Overload said that this increase in the confidence among miners is a sign of a Bitcoin rebirth.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
So, back to the questions; will Bitcoin recover, is Bitcoin dead, and what does the rise in mining hashrate say about the Bitcoin bull run? Before giving any answers, it’s important to clarify that in the cryptocurrency industry, anything can happen. As much as it would feel good to hear that Bitcoin will recover soon and the bull run is imminent, we must admit that there is also the possibility of another Bitcoin price crash. For now, the only thing digital asset investors can do is wait and see.
What do you think? Is Bitcoin dead? Will Bitcoin recover? Is a rise in Bitcoin mining hashrate equal to a rise in price? Share your thoughts in the comment section.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
