BITCOIN HASHRATE ON THE RISE AGAIN: PRICE COULD FOLLOW THIS
Hopeful rise in Bitcoin hashrate!
Bitcoin has been on the rise again despite a recent downturn in hashrate, proving that hopes for the BTC network have not disappeared. Before the bitcoin (BTC) block prize split, which took place on May 11, much of the community was concerned that miners had left the network and hashrate had dropped incredibly.
Indeed, some of the miners left the network after Bitcoin Halving took place, and hashrate suffered a slight decline. Although some of the BTC miners chose to leave the network or switch off the device after the block award of 6.25 BTC, a drastic increase was seen again.
Bitcoin Hashrate Rebounds
In particular, hashrate, which has fallen since March 12, was seen rising at the same pace and rising to its earlier level. BTC has managed to raise hashrate up to 120.087 TH/s as of the time of writing this article, raising investors ' expectations of a rise.
Hashrate has actually been rising actively since 2009, except for minor fluctuations, and experts think hashrate's rise is often followed by price. If hashrate continues to rise this way and set new records, more miners could come to the network. In order for miners to gain from the block prize, which is 6.25 BTC, the price will have to rise to over $ 12,000 and we can soon witness similar momentum being captured.
Especially in these days when institutional investors are starting to make BTC investments, it can be said that $ 12,000 is a very, very likely target.