Bitcoin: experts say the growing speed of hashing the network is pushing optimism

Despite the drop in bitcoin prices, the network's hashrate has been steadily increasing in recent months. For some observers, this trend shows that miners expect future price growth for the first cryptocurrency.

David Sapper, CEO of the Australian Blockbid exchange platform, said in an interview with Bloomberg.

“Increasing the hash rate means players have been there for a long time: they are willing to accumulate bitcoin even if they are unable to potentially generate losses with current prices. At the same time, they sometimes have to decide to "reset" some of their BTC," - says Sapper.

due to the fall in the BTC rate , mining Bitcoins has become less profitable: with constant e-costs. energy, and the amount of profit, can no longer be compared to the rate that was a few months ago. However, this did not prevent an increase in the computing power of the network, which since the beginning of the year multiplied by 3.35, while the price of BTC depreciated over the same period by almost 55%.

the Miners, who would expect the increase in the price of BTC.

Minesweeper, who manages one of Australia's largest trading platforms, said the growing Bitcoin hash rate will depend on the patience of investors. And believes that BTC in the medium or long term, can reach the levels that it had in December 2017.

Marco Strong, CEO of Genesis Mining, explains the phenomenon in different ways. He believes it demonstrates the power of mining - an industry in which key players like Bitmain continue to produce increasingly efficient machines. This indicates that this sector will be largely professionalized to compete with a large mining company, increasingly complex.

“ We still see large streams, especially on the side of the most efficient miners. These pottoks are so important that it compensated for the removal of less efficient miners,” says M. Strong.

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