It seems that 2020 did not do well just for the price of Bitcoin, which already represents an increase of almost 40% in the first 30 days of the year, and is quoted at $ 9,538 during the writing of this text. The Bitcoin hashrate (the amount of hashes that a miner can execute in a given period of time) also has reason to celebrate the new year, especially now that it has just reached its historical peak.
According to information presented by the Twitter cryptocurrency analyst, «The moon«, Today (30), the Bitcoin hashrate reached the mark of 123,011,832 TH / s, a new historical record for the largest cryptocurrency.
The #Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH!
A whopping 123,011,832 TH / s !!!
The $ BTC fundamentals are screaming for a huge bull run leading into the halving! 🚀
BULLISH !! pic.twitter.com/HB6JLSy6V0
– The Moon (@themooncarl) January 30, 2020
The analyst shows extreme optimism, seeing the moment as "bullish" while pointing out the proximity of the Bitcoin halving as a possible reason for the increase in hashrate.
In fact, the proximity to the middle tends to increase the mining capacity of the network, since the reduction in the reward is approaching every day. Many are focusing their efforts on halving, to maximize their returns, after all, Bitcoin halving is not an optional event and its appearance should affect the market in a sensitive way, for better or worse.
Recall also that, not only the emotion with halving increases the mining capacity, but also the constant technological advances. Every year more mining equipment is put to work, not to mention more powerful equipment that ends up joining the already sophisticated Bitcoin network.
Good start of 2020 for Bitcoin
If 2017 was a historic year for Bitcoin, 2018 ended up being a catastrophic year with its «crypto winter». After that, 2019 showed an interesting recovery for BTC and a relatively large group of altcoins. Even so, 2019 ended disappointingly, with many people in the community expressing concern for next year.
However, until now 2020 has been quite optimistic for Bitcoin. Shift traders can celebrate a significant increase in the first month of the year, along with a stabilization of around US $ 9,000.
With regard to hashrate, the moment is also optimistic, with not only one, but FOUR new historical highs formed during the month of January:
Previous $ BTC hashrate ATH’s
1/7/20 – 120.7M Th / s
1/25/20 – 120.4M Th / s
1/16/20 – 116.8M Th / s
1/17/20 – 116.8M Th / s
1/23/20 – 116.8M Th / s
Jan 2020 is a 💪 month for $ BTC hashrate
data – https://t.co/3hQtgfxNUr https://t.co/2K7OTx653M
– Jai (@ jai_prasad17) January 30, 2020
The above figures were presented by Jai analyst, and show an interesting bullish graph in the Bitcoin hashrate.
The question that remains in the air now is: what will the rest of 2020 be like? We certainly don't have a crystal ball, but we can make analyzes and predictions. The moment is high, and this is clear to everyone. It is very important to know how to take advantage of these moments to obtain profits / immobilize positions during the bullfight.
Unbridled euphoria is a problem, so remember that there is no infinite increase. As we approach halving, the upward trend should continue, but it is important to keep in mind and with the stop in position.
Historically, the halving has caused the BTC price to fall in the weeks after the event, so if you decide to track the history of Bitcoin reductions in half, consider the sudden price changes that may occur In the next weeks.