BTC Price Smashes $7K to Hit $7,200 USD as Bitcoin’s Hashrate is in Clear Recovery
Bitcoin’s hashrate has almost reached its previous all-time high after the significant drop it suffered in December to 35 quintillion hashes per second (exhashes)
It’s currently at 50 exahashes per second, close to the 55 EH/s reached in October of 2018. There has been a sharp V recovery for most of this year and China has seen a doubling of price in its second hand mining gear.
This is a positive occurrence that suggests confidence is returning to the market.
Mining is is now becoming profitable again, something that’s expected to improve greatly when the halvening comes. It should be coming around May 20th 2020 with BCH about a month ahead in April. Many are one in the same in thinking the halving will have a big effect on the bitcoin price due to the nature of the last three cycles of blockchain rewards splitting.
Inflation will to less than 2% until 2024, at which time it will get close to zero for the first time- following the FED’s target. This will drop rewards to 900 bitcoin a day from 1,800.
Unique addresses has also reached its highest point since February 2018, during crypto price peak. Separate addresses can help determine Bitcoin’s popularity and demand on the Blockchain.
Search hits on Bitcoin have also started to look decent, but still nowhere near its all-time high back in November-December of 2017. But that could also be because so many people have already learned about Bitcoin and don’t need to research it again.
To date, 85% of all Bitcoin has already been mined, with three million left to go just a year out from the next halving.
Bitcoin’s price is $45,364.59 BTC/USD exchange rate today. The real-time BTC market cap of $848.86 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $41.79 Billion and live coin value change of BTC -7.58 in the last 24 hours.