What Death Spiral? Bitcoin Hash Rate Surges to Fresh All-Time High
[NEWS BLOG]: What Death Spiral? Bitcoin Hash Rate Surges to Fresh All-Time High
Bitcoin Hash Rate Establishes New All-Time High
According to crypto data firm TradeBlock, Bitcoin’s network hash rate just hit a new all-time high. The company shared the image below on July 7th, showing that the seven-day moving average of the hash rate is now above 124 exahashes per second. This is over double that seen a year ago.
The hash rate is the measure of the computational power being used to secure transactions on a blockchain network. As Bitcoin.org describes the term:
“The hash rate is the measuring unit of the processing power of the Bitcoin network… When the network reached a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second.”
Investors in the space have responded to this metric with immense optimism. One trader bashed the death spiral narrative, asking where the death spiral is.
Their optimism isn’t unfounded: analysis suggests that increased Bitcoin mining activity should correspond with higher prices for BTC.
This theory was cemented with a price model from digital asset manager and investor Charles Edwards. In 2019, he came out with a model showing that Bitcoin’s price has always centered around its energy consumption in joules.
Edwards recently found that with the ongoing hash rate surge, Bitcoin is now trading around 27% under its energy value. Should the hash rate stay this high, BTC is likely to be attracted towards its energy value.
OTHER RELATED NEWS
Manny Pacquiao launches his own fan-backed cryptocurrency
Champion boxer Manny Pacquiao announced the launch of his own cryptocurrency at a concert in Manila on Sunday.
The cryptocurrency, called the Pac, will allow fans to buy merchandise and interact with Pacquiao -- the 40-year old boxer, Filipino Senator, and former basketball player -- via social media.
The Pac behaves like a normal cryptocurrency in the sense that it provides a digitally tradeable token with a floating value secured by a decentralised ledger. But unlike other cryptocurrencies such as Bitcoin, the value of the Pac is touted as being backed by demand from Pacquiao's fan base for his merchandise.
The Pac - read more.
Ripple Price (XRP) Correcting Gains: BTC And ETH Rally
Ripple Price Analysis
Yesterday, there was a minor downside correction in ripple price from the $0.2850 resistance against the US Dollar. XRP price tested the key $0.2720 support area. A base was formed above $0.2700 and later the price started a fresh increase. There was a break above the $0.2750 resistance and the price remained well above the 100 hourly simple moving average.
Finally, the price surpassed the $0.2850 resistance area and traded to a new weekly high at $0.2872. Recently, the price started a downside correction below the $0.2850 and $0.2800 levels. Additionally, there was a break below - read more.
Ripple (XRP) Price Down 2%, Bears Sight $0.2000 Or Even Lower
- Ripple price is sliding and it is under pressure below the $0.2200 resistance against the US dollar.
- The price is now trading below $0.2150 and it could decline further below $0.2100.
- There is a crucial bearish trend line forming with resistance near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There are high chances of a drop towards the $0.2020 and $0.2000 support levels.
Ripple price is declining steadily below key supports against the US Dollar and bitcoin. XRP price could continue to move down and the bears might target $0.2000.
Ripple Price Analysis- read more.