Bitcoin hashing power remains high despite the recent cryptocurrency price reduction. TAn analyst known in the crypto community under the nickname PlanB noted. He recorded that the hash rate is more than 100Eh/s, presenting to this a screenshot that includes the data of the service getmininginfo.
— PlanB (@100trillionUSD) November 23, 2019
Similarly, if we look at the data of another service Blockchain.info, the level of the same indicator is about 90Eh/s.
According to the user under nickname Hodlonaut, the Getmininginfo service does not provide accurate data on the real hash rate of the network.
“Getmininginfo is useless for getting the actual hashrate. Variance throws it around like crazy due to it using too short a timespan to measure. Even measured in daily bulks it jumps around like crazy,” he posts.
Hash Rate Volatility In 2019
In June, the network hash rate was at 59 EH/s when BTC set a 2019 high of $14,000. To date, there has been a decrease in the coin rate to $7,000, and the amount of computing power has almost doubled.
According to the Blockchain.com, the highest mining volumes in the history of Bitcoin were observed in October. The maximum hash rate of 114 EH/s was recorded on October 23 of this year. At the moment, the volume of computing power is 90.5 EH/s according to Blockchain.com data. This figure is 21% below peak values.
A steady increase in computing power indicates that the reduction of Bitcoin price does not stop miners. Although at this stage, cryptocurrency mining on some ASIC models is already unprofitable. For example, the break-even point of the Antminer S9 is at the level of $7,500. Probably, the participants of the space are betting on a long-term cryptocurrency price rebound, including due to the 2020 halving.
Predictions Of Bitcoin Rate
There is a possibility that the price will continue the downtrend. Well-known Bitcoin critic, CEO of Euro Pacific Capital, Peter Schiff, believes the cryptocurrency is moving in the framework of the head-and-shoulder technical analysis figure. Peter Schiff noted that the pattern can be completed at the level of $ 1,000.
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.
— Peter Schiff (@PeterSchiff) November 21, 2019
Meantime, one of the participants in the crypto community notes that Peter Schiff’s previous negative forecasts concerning the cryptocurrency exchange rate, on the contrary, push BTC price into active growth.
— Crypto₿ull (@CryptoBull) November 21, 2019
Morgan Creek Digital co-founder Anthony Pompliano leverages price decreases in the digital asset market to buy cryptocurrencies. He shared this information with his followers on Twitter. Hence, CEO of the popular digital asset exchange Binance, Changpeng Zhao has commented on the post writing that he would like to do the same, but he did not have fiat money.
I can't. I don't have fiat.
— CZ Binance (@cz_binance) November 22, 2019
As for the hash rate, earlier in September this year, the Bitcoin hash rate fell by 30% in a day. This was due to increased pressure from China to mining companies. Immediately after this, the first cryptocurrency depreciated sharply from $10,000 to $7,800.
Presently mining in the country is officially allowed. But other bad news has come from the region. This was followed by a similar situation with prices falling below $7,000. However, at the press time, the Bitcoin price recovered slightly to the level of $7,200.