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Bitcoin expert warns of imminent drop5/10/2023 When will the fall come to an end? It may depend on how the crypto mining industry responds to China’s crackdown. “As a result, hashrate will likely be below our prior forecasts for the next ~10 quarters.” “We believe it would take several quarters for the infrastructure deployment to be complete,” according to BitOoda. The fall in the bitcoin mining hash power is likely to continue, according to BitOoda, which predicts the target hashrate could drop further to 85 EH/s at the subsequent difficulty reset on July 19 or July 20. Related: Bitcoin Gathers Upside Momentum Faces Resistance Near $40K The dollar-equivalent value of the proceeds is harder to predict given the cryptocurrency’s notorious price volatility.Ĭoncerns about the extent of the China crackdown have contributed to the past months’ decline in bitcoin’s price to about $34,200 now, from an all-time high near $65,000 in early April. Read more: Iran’s Ministry of Industry Issues 30 Licenses to Crypto Mining FarmsĪs hashrate declined, the number of daily bitcoin earned for each unit of computational power likely increased, which “certainly would imply more bitcoin” for active miners, according to Doctor. With the hash power declining and most Chinese miners going offline, the business should become easier and potentially more profitable for miners that are still active, according to Sam Doctor, chief strategy officer at BitOoda, a digital asset financial services platform. Related: Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining
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