Is it the bull market coming soon?

Since the end of last year, Bitcoin prices have reached a peak of 60%, but the calculations have accelerated this year. In the past six months, the Bitcoin network has increased more than 1.5 times.

Recently, Bitcoin computing power broke the 62 quintillion (millions of cubics) hash per second. This means that in the month of August alone, the computing power has soared by 50%.

Financial analyst and Keiser Report host Max Keiser responded to the news. The former Wall Street trader reiterated his view that ‘prices follow the calculations’ and he now expects prices to hit record highs.

In a bear market, Bitcoin price went down, why does computational power continue to climb?

It stands to reason that in this sluggish bear market, in order to avoid losses, many mining unions have come in and even abandoned mining, which has led to a decline in the overall network, but in recent times Bitcoin has hovered around $6,000. Currency computing has always been skyrocketing.

The increase in computing power is based on the number of long-term influxes, namely miners.

For miners, whether to participate in the mining of digital currency, mainly from the cost of computing power, including electricity costs, mining machine price costs, digital currency price fluctuations and mining difficulty.

In general, the cost of electricity and the difficulty of mining are constant. The price of the mining machine is positively correlated with the price of the currency. Only when the price of the mining machine falls or the price of the digital currency rises, the computing cost will decrease.

Therefore, in the bear market, as the price of the currency falls, the price of the mining machine falls, and the cost of computing power decreases. For miners, this is the best time to enter.

Does the computing power affect the price?

Now part of the media computing power as a reference for the rise and fall of the currency price, that the calculation of the rise and fall of the power will affect the direction of the Bitcoin currency.

As a basis for maintaining the normal operation of the Bitcoin network, the ups and downs of computing power may affect traders from the psychological level. The increase in computing power increases the confidence of the trader from the heart, and vice versa.

Bitcoin price today is at $6992.33, drop of 0.15%. With the topmost 24h volume, BTC to USD trading the most in Bitcoin market.

转载于:https://my.oschina.net/u/3866569/blog/1939569