On July 13, the Bitcoin network hash reached 148 Eh / s and this is a historical record. According to investor Max Kaiser, the price of BTC should follow the hashrate to new heights.
“Hashrate changes precede BTC price changes. The price of bitcoin is not as important as the price of gold, because both of these assets are inversely correlated with the US dollar. The increase in bitcoin hash shows confidence that fiat money will collapse soon. Soon, Bitcoin will take away popularity from fiat payments, ” Max Keiser wrote on Twitter.
BTC hashrate increasing shows confidence in fiat money collapsing
Soon, BTC will actually be drawing energy away from fiat
— Max Keiser (@maxkeiser) July 13, 2020
Kaiser previously expressed the opinion that in the future, 99% of the hashrate that supports the operation of various cryptocurrencies will be used for mining bitcoin.
After falling 27% following the halving, Bitcoin’s hash rate has just set a *new all-time high* at over 124 exahashes per second.
Once again, no “death spiral” was had. And that’s long-term bullish for BTC.
Here’s more on why. pic.twitter.com/aftOputP74
— Nick Chong (@_Nick_Chong) July 12, 2020
According to analyst Nick Chong, now four favorable factors are affecting the growth of bitcoin hash at once: increasing investment in mining companies, the rainy season in China, affecting the price of electricity, the launch of new ASIC equipment models and a possible “hashrate war”. Thus, it is expected that the hashrate of the first cryptocurrency network will continue to grow.
Recently it was reported that electricity consumption by Bitcoin miners began to increase again.