Bitcoin, Crypto currency, Blockchain

Bitcoin bull market in sight? – Bitcoin Hash Rate reaches all-time high

e99c955d58d763688364bbb92aa97927 - Bitcoin bull market in sight? – Bitcoin Hash Rate reaches all-time high

The bitcoin Hash Rate has made these days a new all-time high and a 15% increase in the last two weeks. According to opinion of many experts, this could be a bullish sign for the Bitcoin price has fallen in the last month, around 20 per cent.

As the data of Blockchain.info to confirm, is increased, the Bitcoin network Hashrate in the year 2018-resistant and, although the Bitcoin price has fallen since the beginning of the year significantly.

The increase in June, as well as the steady increase in Hashrate since the beginning of the year shows that at least the Mining industry is booming and positive expectations on the Bitcoin price. Even though the BTC price brand is currently under the major of 8,000 USD, it comes to a rise in the Hash Rate and thus to an increased competition within the Bitcoin network to create the blocks, which contributes to a better security of the entire network.

The Hash Rate refers to the computing power of the Bitcoin network, which owns the network, in order to solve the safety reasons, necessary arithmetic operations, before a Block can be written in the Blockchain. The hash rate reflects the number of Attempts, which can be a unit, if it solves the arithmetic operation.

As Mining is known to be very cost-intensive, and a high consumption of electricity, Miner, always keep a close eye on costs. From a certain BTC price the mines can be uneconomical. The Hash Rate is increasing despite the decline in the Bitcoin price, shows, in the opinion of many experts that at least the miners are still bullish, and a price increase in the near future.

The former Wall Street trader and Journalist Max Keiser wrote: “”The price follows Hashrate”:

Also Naeem Aslam, wrote in may for the Forbes magazine:

From the data presented, we can draw the conclusion that the overall Outlook on Bitcoin, at least in the eyes of the Miner, is bullish. Finally, the mine workers do not want to use their resources to do so, a digital Good to reduce that you think is worthless.

In addition to the Hash Rate of the transaction have improved fees and the Mempool size, which is certainly also due in part to the growing popularity of Segregated Witness (“SegWit”), as well as the low volume of Bitcoin transactions.

A Bitcoin transaction costs are currently averaging around $ 0.60.

The transaction volume of commutes for months already between 150,000 and 220,000 transactions per day and is compared to the period from November 2017 to January 2018 at a low level.

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