Bitcoin Hashrate Increase More than 50% in the Past 2 Weeks
It is noticed that more than 50% increment in hashrate of Bitcoin just took over in two weeks and the price of Bitcoin increase by around 10% in the same timespan.
About BTC Price and Hashrate
Hashrate represented by Bitcoin broken out its strategy from 75.7TH/s on March 25 to 121,029,181 TH/s on April 6. Creating a very close relationship with a 0.77 correlation, bitcoin hashrate and price brought about fortunate.
It was worthy to formulate a relation and that brought up two aspects, firstly it made it possible for the miners to establish a good production cost of Bitcoin. And next was about the security of the Bitcoin network. If we collect a big number of hashrate possibility of getting network for an opponent and this creates generates trust and holds a key value.
Prediction over Price
Bitcoin has expanded its price by over 10% in the past two weeks. We experienced hashrate getting much good height that heels of the recent positive adjustment in Bitcoin mining, which was accelerated by the past decline in network hashrate.
If consistency in Bitcoin price/hashrate correlations persist, Price would certainly boost. Dynamics are more tricky that impending halving of Bitcoin block costs in just 32 days.
With getting everything onto constant after the halving, miner revenue got split. We need to double the price (keeping difficulty remains the same) in order to get consistency miner revenue. According to the recent announcement, the surge in Bitcoin hashrate may denote to miners in order to bet on the second scenario.
