The Bitcoin hashrate is almost entirely recovering after a massive drop in December 2018 to 35 quintillion hashes per second. The Bitcoin hashrate is currently at 50 exahashes per second, not far off from 55 EH/s first reached in October 2018.
This year, the Bitcoin hashrate recovery has been a very sharp V shape. Apparently, in China, the secondhand mining gear price is doubling. These suggests confidence is slowly returning, with mining back with profits as Bitcoin moves towards the halvening.
In every 10 minutes, block rewards will drop to 6.25 BTC. Inflation will drop to less than 2%, keeping it there with the FED’s target until 2024 for the first time when it will get close to zero.
Halving is expected in or around May 20th, 2020, as Bitcoin Cash is expected a month ahead on or towards April 10th, 2020. With both being in a year from now, 85% of all the bitcoin mined so far, only 3 million is left to achieve the target.
Since February 2019, during the peak of crypto prices, hashrate obtained unique addresses. It indicates how many different Bitcoin addresses transact daily as a sort of proxy showing whether activities, bitcoin blockchain demand increases.
Bitcoin is slowly recognized globally. Its global nature combined with inherent decentralization, the freedom it provides to use it or not makes it an unstoppable digital currency. Countries such as China is trying to bring tech manufacturing home, President Donald Trump of the US has tremendous support in trade negotiations. Russian central bank also stopped the proposed crypto ban. Bitcoin is also accepted in Europe.
Except for rounding up of all the codes, it’s unclear what else’s is left out. Just a single cone is needed in the entire world to allow bitcoin to run smoothly.
Do you think the Bitcoin hashrate will continue rising?
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