Bitcoin Hashrate Nears Record Levels Amidst Price Decline – Details

Quick Summary:

It is a crucial indicator of miners’ confidence in BTC, with an increase signaling belief in mining the token due to profitability from current or future prices.  However, the ability of Bitcoin miners to sustain their recent performances despite the token’s recent dip could prove pivotal in initiating a market price rebound, especially as a sell-off by these miners could further drive down the token’s price.

According to the analytics team, this value represents a 6% gain from the lows on July 9 but remains 2% off the network’s current all-time high hashrate value.  Cryptoquant report states that Bitcoin miners are currently enjoying a better pay condition compared to April as daily mining revenues have grown by over 50% since early July, thus reducing the need to offload their assets.

Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price BTC Price Overview  At the time of writing, Bitcoin trades at $61,387 with a loss of 5.05% in the last 24 hours.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United KingdomUnited States

Topics: Bitcoin miners Btcusd Bitcoin BTCUSDT Hashrate Bitcoin price Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-03 @ 12:30:47 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 448 words

Reading Time: 3 minutes read

Sentences: 61 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21907235

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

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Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 12 hours ago

Coverage Areas: United Kingdom

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