Bitcoin Miners Feeling FOMO? Blocks Are Being Mined At January 2018 Pace

  • Upcoming block reward halving and the surging price is propelling Bitcoin miners to mine blocks as fast as possible
  • Bitcoin made profit 98.4% of the time in its entire existence

Bitcoin is a digital currency which is unique in many aspects, whether it is about, as an analyst Willy Woo puts, creating an internet scarcity, the fixed, hard cap limit on a new form of currency or the reduction in supply rate.

Another such feature design of Bitcoin is mining difficulty which is adjusted periodically. This is what’s responsible to ensure that the supply of new BTC releasing in the market remains constant, regardless of its demand in the market.

Currently, we are seeing Bitcoin hash rate hitting all-time highs. Since early June, it has been a regular occurrence, making new highs. Bitcoin mining difficulty in response topped in early June as well.

The mining difficulty, actually, adjusts every two weeks to factor in the new miner hash-power and to further ensure the ten minutes per block standard.

And this supply structure is what contributes to Bitcoin bubbles, as we have already seen three times in the past.

While the supply remains constant or gets further tightened, demand ebbs and flows results in wild swings in the price of Bitcoin.

But exceptions happen as we saw in the bull run of 2013 and 2017. The same one is that we are seeing currently.

Block Count on the rise as miners try to mine as much and as fast as they can, Source: coinmetrics

On an average, more than 170 blocks have been mined this week while at the pace of one block every ten minutes, it should have been around 144 blocks per day. This marked the highest weekly average blocks miner per day since January 2018.

This urgency to mine blocks faster and faster could be due to the fact that there is less than one year left in the reward halving. This combined with the current spike in price could be what is driving miners’ FOMO.

Bitcoin a Profitable Investment for 3,777 Days out of its 3,837 Days Existence

Bitcoin is not only the best performing asset of 2019 with 251 percent returns till date this year, rather has been for its entire 10-year existence.

This “digital gold” has been almost always a good investment due to the fact that it made a profit 98.4% of the time in its entire existence.

Since first launched on January 3, 2009, to last week, that is July 6, 2019, there have been only 60 such days that a BTC buyer would have been in the red. Majority of these losses have been suffered during the last 2017 and early 2018 bull run. About five of those unprofitable days belong to the past couple of weeks when BTC price become highly volatile.

This, of course, doesn't apply to those who bought BTC at its peak, when the bubble popped. Those investors are still down 35% on their purchase.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,713.0928 change ~ 1.47%

Coin Market Cap

$216.16 Billion

24 Hour Volume

$4.99 Billion

24 Hour VWAP

$11.61 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today