Are you going to accumulate when it is skyrocketing?
Coinbase is done. They’re now scrambling to get new coins listed. Too many alternatives coming. Competition is going to be fierce in this segment (fiat on / off ramps).
I think they should sell off to Facebook if they want to really stay on top.
Nope, i will accumulate when everyone is crying
Bullish idea. Max Keiser has also been discussing this point. The miners dictate the market more than the users do?
When miners pump?
Despite Bitcoin’s 2018 price slump, the dominant cryptocurrency’s hash rate continues to surge at an astonishing pace. Although the value of Bitcoin has decreased by 53% since January 1st, 2018, the hash rate has increased 155% in the same time period.
The continued growth in hash power demonstrates a strong, continued belief in Bitcoin by miners worldwide and may foreshadow a hidden bullish trend.
While both Bitcoin’s price(green) and Bitcoin’s hash rate(blue) grew in 2017, the hash rate has continued to grow in 2018 while the price has dropped.
Hash Rate Explained
In simple terms, mining is the process of running complex calculations in search of a specific number. In a race to find the number first, mining hardware is used to run through as many calculations possible to secure the block reward, currently at 12.5 BTC per block.
The current hash rate of BTC is 38 EH/s which is 38,000,000,000,000,000,000 h/s or 38 billion trillion hashes per second.
Each calculation attempt to solve the computation is known as a “hash” and the “hash rate” is computed in hashes per second(h/s).
ASICs (application specific integrated circuits) have become the sole mining hardware used to mine Bitcoin due to their increased hash rate ability and higher energy efficiency. One ASIC has a mining power of approximately 12 tera-hashes per second. For comparison, in 2013, the total hash rate of the Bitcoin network on April 29, 2013, was 79.02 Th/s.
Growing Number of Miners
The hash rate of Bitcoin continues to hike at a rapid pace, indicating a growing number of Bitcoin miners. So far in 2018, it has grown 155%, from 15.04 Eh/s to 38.43 Eh/s.
One possible explanation for the increase in hash rate is Bitcoin’s value. Although Bitcoin has lost a lot of value in 2018, the block reward of 12.5 Bitcoin is still worth over $78,000 today. At Bitcoin’s peak, a single block was worth almost a quarter million dollars and miners may view the current market as a way to accumulate more Bitcoin at lower prices.
Another possibility explaining the increase in hash rate could be upcoming Bitcoin “halvening,” estimated to occur around May 25, 2020. With the reward set to decrease from 12.5 BTC per block to 6.25 per block, miners may be trying to accumulate as much Bitcoin possible, before difficulty further increases and rewards decrease. The price of BTC at the time of the last two halvenings were $660 and $12 in 2016 and 2012, respectively.
One interesting thing to note in the increase of hash rate is the contribution of hash power outside of the world’s biggest mining pools. This is beneficial to the Bitcoin network as it makes the power of mining less concentrated.
Fucking hell mate…you do talk some shite every now and again…
Ha ha… not a snowflake in hells chance… that video has as much chance as BTC capitulation…
and Im sure most pubgoers will be here DCA’ ing and enjoying life too…
Happy shorting fella…
I too like to live dangerously.
Me too I’m loading the boat up as we speak I’m becoming so bullish now people are starting to crumble. ETF next month is going to make bitcoin pump like it’s on viagra
If the SolidX Bitcoin Shares ETF is approved August 10th, it will likely catalyze a massive explosion of the Bitcoin price – and with it, the cryptocurrency space in general…
Your not falling for all this fomo malarky, Sparky??
That would be a miracle.
I was pulling his old leg mate…
As for an ETF… I find the proposal to alter the ease in which ETFs are formed as a great sign, like I posted earlier in this thread… I think a stable BTC is helping the process,its definely on for this year.
always bullish me mate tho… so not advice…
Is BTC on the last part of the support & resistances convergence? just an idea
August could be the begining of something either spectacular or bloody
Dat crypto lyf
rich and poor at the same time?
I always found it strange that they were the first movers to their space and yet they are behind some of the newer players like Robinhood when it comes to actual coin listings. I welcome the competition. I really can’t stand CB and their fees.
As i mentioned earlier, another bear flag has formed on the weekly chart. If i based it on the height of the flag pole, then close to a potential 4000 point move down could play out in the following months.
My intermediate target is the high volume trading node at 4.3k, with 5k volume well possibly providing temporary support
Either way not much to see now, market sentiment and daily trading volume keeps sinking. I expect the bear market to commence into gorilla mode by late july or early august
Gorilla mode? Whats that😀
Damn bro I don’t know which FUD station you’re tuned into but it’s time to change that shit. I get the low volume but market sentiment is very optimistic. Even during these negative price actions there are a lot of optimism for the future of crypto!
One place to look in right here in the world famous bitcoin pub… We are going no where
Not seeing the increased volume on the pole?
Volume should be heavy during the advance or decline that forms the flagpole. Heavy volume provides legitimacy for the sudden and sharp move that creates the flagpole. An expansion of volume on the resistance (support) break lends credence to the validity of the formation and the likelihood of continuation.