Bitcoin’s Hashrate Drops Significantly Amid Kazakhstan Civil Unrest

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The ongoing civil unrest in Kazakhstan has sparked curiosity in many over the effect it could have on the global Bitcoin hashrate. These worries arise as Kazakhstan is believed to control at least 18% of the global hashrate, according to a recent report from the Cambridge Center for Alternative Finance (CCAF).

NABCD Asserts Bitcoin Unaffected by Kazakhstan Crisis

That said, analysts report that on a 30-day basis, the Bitcoin hash power has dropped by about 15% in the last ten days. Fresh reports from local news agencies indicate that the civil unrest in the country has eased and that the country’s Data Center Industry and Blockchain Association of Kazakhstan (NABCD) has asserted that the civil unrest did not affect digital currency miners. However, many have argued that the recent issues in Kazakhstan have seeped into Bitcoin miners’ capacity over the last week.

Only five days ago, BTC exchanged hands at $46,700 per unit. However, the benchmark cryptocurrency has since plummeted by over 12% in value. That said, as of the last thirty days, the best performing mining rig controlling over 100 terahash per second (TH/s) realized between $25 to $30 per day, per machine, at an electricity rate of $0.12 per kilowatt-hour. Today, this same mining rig only realizes $14.87 per day, at press time, using the same energy consumption rate. With that, it is clear that the drop in BTC price has, indeed, affected the cryptocurrency’s hash power, as the hashrate has now dropped by 15%.

Another reason behind the 15% hashrate drop is the latest mining difficulty adjustment. BTC mining difficulty recorded an increase on January 8, as the mining difficulty jumped by 0.41%. While this seems like a small hike, this adjustment has brought BTC close to its highest difficulty point, following three consecutive positive adjustments.

Furthermore, analysts forecast that the mining difficulty could adjust positively, for the fourth consecutive time, in the next eleven days by 0.67% from its current level.

 

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Review of Nimbus Platform: It is Safe and Trustwothy

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In this day and age, technological innovations seem to happen daily, and many people are often left wondering how much of it is true, and how much of it is fiction. Nimbus, offering the goal of achieving a completely decentralized bank operating on the DeFi market, is one of those companies that some believe to be too good to be true.

But the truth is, despite or perhaps because of people’s distrust of these ideas, Nimbus has proven to be transparent both in its goals and with its operations. Operating with users in mind, Nimbus has a voting based system as part of its lifeblood. Users have the power, and user’s requests and concerns are always addressed promptly and with transparency by the company.
Review of Nimbus Platform: It is Safe and TrustwothyDelivering clarity as well as comprehensive solutions for the DeFi market, the Nimbus platform tailors itself to meet any prospective user’s needs. Focusing on innovation, the platform operating on blockchain offers an all-in one financial service while it continues to create a better user experience for prospective users as well as current ones. It is understandable that the individual may have a unique issue with the DeFi market, and to the best of its ability, Nimbus seeks to offer whatever aid it may to those who are stepping into the market for the first time.

Nimbus was founded on the idea of making the user the primary focus, and to this end has worked to make DeFi banking secure and efficient, allowing multiple avenues for users to earn money on their own terms. Nimbus has created a platform that offers sixteen different avenues for users to explore crypto-based financial success. All the while offering a clear explanation for said avenues and actively creating guides and customer assistance when it is necessary.
 Review of Nimbus Platform: It is Safe and Trustwothy It is hard to take a look at the news these days and not see some massive data breach in a major company has taken place. Unlike large companies, Nimbus seeks to offer familiar and accessible services to its users. The personal touch from the company while it offers such products as the swap machine, decentralized exchange, P2P exchange, the important voting mechanism, and many more.

Trust is key when it comes to working with such an environment, particularly when there seems to be a lack of trust and transparency in many tech companies. Nimbus works not just to prove that it is trustworthy, but also to earn and maintain user trust with its system. It actively works on eliminating bugs and offers a bounty for those who find them and other weaknesses in its systems.

Security, trust, efficiency, and the personal touch; these are the true values of Nimbus. As the DeFi market continues to march forward with innovation close behind, Nimbus will continue to offer the services its users deserve, with transparency and open dialogue always being at the forefront of its operations.

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The United States Become Cryptocurrency Mining Epicenter Amid China Crypto Ban

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The United States has become the global epicenter for cryptocurrency (Bitcoin) mining following the mass migration of miners from China due to the clampdown by the Chinese government.

The Chinese government took a hostile stance against the cryptocurrency industry to control financial risk in the region. China became the cradle of Bitcoin and crypto mining in 2009 thanks to its cheap electricity from coal and hydro plants.

The United States Constitute 35.4% of Global Hash Rate

At the end of August, the United States accounted for 35.4% of the global hash rate, according to a Cambridge Centre for Alternative Finance study published yesterday. This figure represents a >100% increase from the number recorded in April.

That said, China’s aim to rid itself of crypto activities has yielded significant results for the region, following the intensification of curbing efforts by Beijing since May 2021. According to recent data from Cambridge Centre for Alternative Finance researchers, the Asian nation’s share of crypto mining has dropped to zero. For context, this figure touched 75% in September 2019. As of April this year, this figure had plummeted to 46%.

While illegal mining operations might still occur in China today, private (legal) mining activities have migrated to other friendlier jurisdictions, like the United States. Also, recent spikes in hash rate from Ireland and Germany likely got triggered by miners using VPNs or proxy servers, according to Cambridge researchers.

With more miners finding settlements in friendlier countries with cheap electricity, cryptocurrencies are on the verge of reclaiming precious highs. At press time, Bitcoin is roughly 12% from its $65,000 ATH, while Ethereum (ETH/USD) is only 15% from its $4,370 all-time high.

 

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Bitcoin Mining Firm to Build Mega Farm in Argentina

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Nasdaq-listed Bitfarms, a Bitcoin mining company, announced last week that it has initiated the creation of a “mega Bitcoin mining farm” in Argentina. Bitfarm noted that the facility would have the capacity to power thousands of miners using electricity obtained through a contract with a private power company.

The facility will deliver over 210 megawatts of infrastructure capacity for the company, which reports claims has the mining power of 1.4 exahash per second (EH/s) as of September.

Commenting on the development, CEO of Bitfarms Emiliano Grodzki noted that:

“Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint.”

The CEO asserted that this farm would help the company realize its goal of 8 EH/s by the end of 2021.

Argentina Could Become Bitcoin Mining Haven

Grodzki noted that the firm chose Argentina because the farm will get constructed in warehouses inside the power company, making it an exceptional location for Bitfarms. The mining company signed an eight-year, 210 MW deal with the private power company at significantly low prices. The CEO of Bitfarms explained that:

“The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt-hour, substantially reducing our already low cost of mining Bitcoin.”

That said, the facility is currently under construction with Argentinian construction company Proyectos y Obras Americanas S.A. (‘PROA’), which lays the groundwork for the electrical structure required.

Argentina has become one of the most sought-after locations for situating mining facilities thanks to its abundant and cheap energy in certain regions. Bitfarm has tapped into this opportunity and chose a reason with plentiful energy production capacity and low demand. Analysts predict that other mining firms could follow in Bitfarms’ footsteps soon.

 

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Michal K. and Bitcoin – a Mighty Lesson

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Michal first heard about bitcoin in 2014. He had $4,000 in his savings account. Inspired by his programmer friend, a rabid bitcoiner, he went all-in.

“At the time,” he wrote on his Medium page, “I invested my $4k, the price of a bitcoin was about $600. I got 6.55 BTC. I will never forget that number. Over the next half a year, bitcoin’s price kept steadily declining, until it bottomed out at $152, in January 2015. That’s a 75% loss just like that before I knew anything about how investment (or crypto) cycles work!”

But Michal was committed. He held. More importantly, he had other things occupying his time. He was zooming out.
In April 2017, the price of bitcoin hit $1,200.

He held. And he kept learning.

Between April and December of 2017, it shot up to $20,000.

He held. And learned more.

And then, it crashed down to $6,000. While most people were panicking, what did Michal do? He bought more.

Recently, he began leveraging that crypto in “blockchain banks,” making about $3,000 per month. And now that DeFi is maturing, he’s begun pulling in, on average, $20,000 per month.

His portfolio recently hit the $1 million mark.
Michal K. and Bitcoin – a Mighty Lesson He wrote:
“The reason most people who invest in crypto don’t end up rich is that they can’t hold — or, in the crypto parlance HODL. HODLing is much harder than it sounds.”

Michal offers these three pieces of advice:

ONE
Patience and calm. I watched my holdings dip 75% almost right after I bought them. I held. Then I watched them dip 85% again in 2018. I held. And I bought more. I’m not even counting all the other 20–40% dips in-between.

TWO
Timing is king. Yes, I was lucky that I heard about bitcoin in 2014. But it was my decision to seize the day and not wait a couple of years to see if the technology proves itself. Then again, in 2019, when the price was low, I topped up. It was the right time to do so, even though the returns were far from immediate.

THREE
Less is often more. I know many people who at some point became active traders in crypto. All of them either lost money or made several times smaller gains than they would have if they just held BTC, as I did. The first rule of trading is — don’t lose money. Don’t trade the market if you lack the experience… or the patience to wait for the right opportunities.
Again, if you’re interested in crypto in general, dipping your toes in all it has to offer isn’t a bad idea. Being well-rounded can only help.
But, in the end, those who play to their strengths win out.


Author: Chris Campbell

For Altucher Confidential

 

NB: This article teaches a mighty, real-life lesson. Thank you, Chris C. 

“Great investing requires a lot of delayed gratification,” says Charlie Munger. And this quote is also apt for the blockchain industry. Don’t sell your coins. It doesn’t matter if crypto markets undergo seriously protracted bearish trends, which can happen anytime; viable coins will ultimately trend upwards and bring massive returns in the future. Selling your coins is like killing the goose that lays the golden eggs. Rather, you should use serious bearishness as opportunity to buy more coins. This advice is enough for wise investors.

 

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Eightcap Launches 250+ Crypto Derivatives, Positioning Itself as the Largest Cryptocurrency Offering for Retail Clients

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Eightcap, an award-winning CFD broker, has announced the launch of over 250 Cryptocurrency derivatives, allowing its clients to diversify their crypto portfolio via the MT4 and MT5 platforms. This new launch positions the broker as the new home of crypto derivatives and the largest within the CFD sector.

The broker recognises the current worries retail clients face with crypto exchanges that reduce withdrawal limits due to regulatory issues and steps in with a solution. Not only will clients be able to buy or sell a wide range of Cryptocurrency CFDs, including crypto-crosses and crypto indices, but its clients will also have multiple funding options and be able to make quick withdrawals.
Eightcap Launches 250+ Crypto Derivatives, Positioning Itself as the Largest Cryptocurrency Offering for Retail Clients“Our vision at Eightcap is to provide a new home for Crypto derivative traders by providing an unparalleled offering that includes the largest crypto derivative library paired with ultra-low spreads and fast withdrawal options,” said Joel Murphy, CEO, Eightcap. “The regulatory issues crypto exchanges such as Binance are facing means traders are left with unnecessary worries about their funds and if they can withdraw them. With us, Crypto derivative traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds.”


Marcus Fetherston, Director of Operations at Eightcap added, “The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders, that offers more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders so that they can gain the best possible trading experience.”
Crypto derivative traders that are currently with other Crypto exchanges and brokers have access to a limited range of Crypto derivatives with wide spreads. When switching to Eightcap, Crypto derivative traders will be able to choose from the largest Cryptocurrency offering, experience tight spreads, and also deposit and withdraw with ease, with a regulated broker.

To find out more about Eightcap’s comprehensive new offering, click here.

About Eightcap
Eightcap is an online financial trading company based in Melbourne, Australia. Eightcap is regulated in multiple jurisdictions. The rapidly growing broker provides online Forex and CFD trading solutions via the award-winning MT4 and MT5 trading platforms. Supported with competitive pricing, outstanding client support, and superior execution technology, Eightcap offers trading to retail and institutional clients across Forex, Indices, Commodities, and Shares markets.
Disclosure
The information contained in this email is confidential and for the use of the addressee only. If you have received this email in error, please notify us and delete it from your system immediately. Please note that the views or opinions expressed in this email do not necessarily constitute that of Eightcap. Risk Warning: Margin trading carries significant risks, including the risk of losing the entirety of your initial investment. You also do not own, or have any rights to the underlying assets. Margin trading is not suitable for all investors, so please ensure that you are fully aware of the risks involved, seek independent advice if necessary, and read the relevant legal documentation (available from our website) before making any decisions.

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Ways to trade Bitcoin – Everything you should know

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Bitcoin is the biggest cryptocurrency in the world and is among the most popular digital coins among traders. For many, Bitcoin is a great investment option. Released back in 2009, Bitcoin is known for paving the way for other altcoins in the market.

Cryptocurrency has seen a huge transformation in recent years. While some still remain to be skeptical about Bitcoin, this digital coin has many times proved that it can be a great option for investment.

But, how exactly do you trade Bitcoin? There are quite a few ways you can invest in Bitcoin and use it to earn profits. For example, you can sign up on one of the many crypto exchanges in the market, make deposits and start buying and selling cryptocurrencies. You can also trade Bitcoin CFDs, which offer you the ability to speculate on the price movements in the market.

No matter which option you choose, you will always be required to do adequate research to make correct predictions and open the right orders.
Crypto exchanges
One of the most popular ways of trading Bitcoin is using crypto exchanges. There are numerous of them available in the market and they make your job very easy. There are numerous crypto exchanges in the market, among them are Binance, Kraken, Coinbase, and many others.

Getting started at these exchanges should not be a problem. Creating an account should not take more than a few minutes, after which, you will have to wait a day or two for verification. Then, all you have to do is to deposit funds and start trading crypto.

After trading and making profits, you can withdraw your Bitcoins from your favorite wallet. There are numerous software wallets offering you high standards of safety and security. In most cases, you should also be able to withdraw your funds in fiat currencies, but it largely depends on the crypto exchange you are using.

Best trading strategies for Bitcoin
Adopting a proven and useful strategy for Bitcoin trading is very important. Because the market is so volatile, trading can get quite emotional. By having a specific plan beforehand, you can make sure that you follow your initial thoughts and decisions without making emotional decisions.

There are two main ways you can trade crypto, one is trading crypto-asset spot, and the other is trading it with margin. A trading spot is a great option for those who prefer to avoid huge risks, it basically means buying cryptocurrency and holding it for as long as you like.
Trading Bitcoin with margin usually happens using futures contracts or CFDs and offers you the ability to increase your potential profits. But, you should not forget that in addition to increasing profits, margin trading also increases the risks of trading.

Depending on the way you trade crypto, you can better choose which trading strategy fits you best. For example, if you are a spot trader, you should know that one of the best strategies to choose is long-term trading, or simply holding cryptocurrency for a long time. On the other hand, if you prefer short-term trading with a margin, it might be better to trade using CFDs or futures.

However, remember that trading crypto is not an easy task as it takes a lot of time to really understand how the prices are moving and how the market is reacting to different types of events around the world. But, there are some things that can make trading easier for you.

Trading Bitcoin with bots
There is a certain limit when it comes to the data a human can analyze in a short time. On the other hand, crypto trading bots can analyze huge chunks of data in a very short time. There are numerous trading bots that you can use to minimize the time spent analyzing the market.

There are numerous trading bots available in the market that can help you trade crypto more efficiently. One of such trading bots, which is known for its high standards of safety and security, is Bitsgap’s trading bot.

The trading bot created by Bitsgap is capable of not only analyzing the market data but is also able to actually trade crypto for you. The trading bot uses different types of strategies and can be used in both uptrend and a downtrend, which makes it a great fit for traders.

Bitsgap crypto trading bot can be used with over 25 crypto exchanges in the market, including those like Binance, Kraken, and many others. You can create a trading strategy with this bot in just a few clicks and you can always backtest your strategy before applying it to your actual trades.
Earning profits
Depending on the trading strategy you choose, you can receive both short-term and long-term profits with crypto trading. Let’s say that you have decided to trade crypto using a long-term trading strategy. This means that you will be buying Bitcoin at a low price and hold it for as long as you want, until the price increases.

As the price is up and you believe that it is time for you to sell your Bitcoin, you will be able to earn profits according to the difference between the buy and selling prices.

On the other hand, using short-term trading strategies, you will be able to make profits quickly, however, keep in mind that these profits might not be a lot. In most cases, short-term traders prefer to use leverage and margin trading to increase the profits they make.

All-in-all, thanks to modern technologies, trading cryptocurrencies should not be that hard. Traders all around the world have access to this market and all you have to do to become a part of this market is to sign up with one of the leading crypto exchanges in the market.

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Bitcoin Records Slowest Block Production in Years Amid China Mining Crackdown

Updated:

Due to the ongoing crackdown of Bitcoin (BTC) miners in China, the rate of newly-minted coins has dropped dramatically to 58 new coins daily, according to a report by Glassnode. Meanwhile, mining revenue has plunged to record lows over the last month, as the Bitcoin community fixates its focus on the upcoming difficulty adjustment.

According to reports, the Bitcoin hashrate has dropped by 40% over the past month. This decline is a direct effect of the intensified crackdown on BTC miners by the Chinese government.

Typically, a new Bitcoin gets mined every ten minutes. However, as of yesterday, the average count was over 23 minutes. This mining time is the highest recorded by the network in over a decade.

Consequently, this drop in the newly-minted BTC count reduced the number of new coins entering the market yesterday. Yesterday’s new Bitcoin count hit 58, compared to the previous average of 144 new coins per day. This count represents a massive 60% decline.

Glassnode also revealed that the average daily revenue received by BTC miners dropped significantly as well. As of April and May, the daily miner revenue peaked at about $70 million. Currently, that figure is at about $13 million.

Bitcoin appears to be on a steady path to recovery as the broader market regains bullish traction. However, the benchmark cryptocurrency continues to stall around the $35k level for a week now.

That said, a sustained break above the $35k resistance should place BTC on a recovery path to $36k, where our 4-hour SMA 200 resides. Failure to clear the $35k psychological resistance could send BTC to the $33k region. Subsequent bearishness from that level should propel the primary cryptocurrency to the $31k pivot point.

Key Bitcoin Levels to Watch — June 29

While BTC miners continue to mount selling pressure on Bitcoin, the benchmark cryptocurrency appears to be holding the fort as bulls keep it near the $35k mark. Bulls have prevented a fall away from the $35,000 level since its rebound from the $30,000 level last Saturday.

BTCUSD – 4-Hour Chart

That said, BTC has to stay around this level over the coming hours or risk falling below the $33,750 support. A successful defense of the $35k mark should open the way to the next resistance target; $36,000.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.43 trillion

Bitcoin Market Capitalization: $659 billion

Bitcoin Dominance: 45.9%

Market Rank: #1

 

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Bitcoin Slumps as Iran Confiscates 7,000 BTC Mining Machines

Updated:

According to local reports, the Iranian police have confiscated 7,000 illegally-operated Bitcoin (BTC) mining devices. The Tehran police chief, General Hossein Rahimi, noted that the machines got abandoned at a mining farm west of the capital.

The IRNA, a local media house, added that this seizure of mining rigs is the largest in the history of cryptocurrency mining.

Cryptocurrency mining is a legal activity in Iran. Miners are required to register and obtain a license from the country’s Ministry of Industry, Mine, and Trade. However, authorities claim that many miners prefer to go behind legal licensing processes and operate illegally in Iran.

According to a report by Elliptic, a blockchain analytics company, about 4.5% of all Bitcoin mining occurs in Iran, and the country has employed cryptocurrency use as a means to bypass sanctions.

Additionally, Elliptic revealed that crypto mining requires the equivalent of about 10 million barrels of crude oil a year, or 4% of Iran’s total oil exports.

The Iran government mandated that local Bitcoin miners sell their newly-minted BTC directly to the central bank, which gets used to fund imports. The government also ordered commercial banks and currency exchanges to use legally mined BTC to pay for imports.

Key Bitcoin Levels to Watch — June 22

Bitcoin has experienced a roller coaster-like momentum over the past 24 hours, as bears continue to dominate price action. The benchmark cryptocurrency fell from $36,000 to a $31,000 low yesterday but rebounded mildly to the $33,000 level. However, bears weren’t done with the cryptocurrency and sent it on another bearish ride today. The primary cryptocurrency slumped from the $33k area to the $28,800 low today, breaking the critical $31k pivot line.

BTCUSD – 4-Hour Chart

However, bulls appeared to take control from the $28,800 level and have pushed the primary cryptocurrency to the upper-$32k area presently.

The coming hours will be instrumental to what direction BTC trades in next.

Meanwhile, our resistance levels are at $33,000, $33,750, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.30 trillion

Bitcoin Market Capitalization: $611.9billion

Bitcoin Dominance: 46.9%

Market Rank: #1

 

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Bitcoin Hashrate Crisis: Correlation Between BTC Price and Hashrate

Updated:

Since its creation in 2009, the Bitcoin meteoric price rally remains a controversial topic across mainstream media. While many publications disregard BTC as a highly volatile asset and label its price action random, some data sets assert that the price movements get influenced by well-known metrics.

According to data from Blockchain.com, a Reddit post, which superimposed BTC price history to identify trends, noted that there exists an uncanny correlation between Bitcoin’s hashrate and its price action.

Based on the chart, BTC prices typically “revert-to-the-mean” of hashrate data, with eleven clear instances of correlating with logarithmically calculated hashrate values. Using this metric for retail trading, the observations prove useful as buying BTC after the price crosses above the hashrate value results in a massive bull wave in four instances, followed by a gradual descent.

This correlation highlights BTC’s price action as anything but random, as many speculators and analysts like to state. Additionally, transaction values, price activity, technical analysis, and fundamental factors all influence the price action of BTC, much like traditional financial markets.

Hashrate and Its Relevance to the Bitcoin Network

For newbies, hashrate refers to the “buying power” of the Bitcoin network. It refers to the total combined computational power getting used at any particular moment to mine and process transactions on the Bitcoin network. Hashrate gets measured in units of hash/second, which represents the number of calculations the network processes every second.

A higher hashrate typically means more miners are on board, translating to better security for the network. Higher hashing rates safeguard a network against 51 percent attacks.

Meanwhile, Bitcoin’s hashrate is currently at its lowest point since November 2020, following ramped-up activities by the Chinese government to wean the country of decentralized cryptocurrency activities in general. According to Bitinfocharts, Bitcoin hashrate is down at 91.2 exahash per second (EH/s), a 46.7% drop from its six-week high at 171.4 EH/s.

The analytics firm also revealed that BTC mining profitability has dropped from its peak of $0.449 per day per terahash per second to $0.226.

Hashrate Drop Triggers Bitcoin Crash

Not surprisingly, the recent drop in hashrate has dealt a devastating blow to the price of BTC. At press time, the benchmark cryptocurrency trades at the $30,000 mark (-5% today).

That said, speculators expect displaced miners in China to find their way to other BTC mining hubs, especially Texas in North America. This movement is the most significant miners’ migration in Bitcoin history.

Once miners settle back into their previous rhythm, we can expect to see Bitcoin rise back to its recent highs.

 

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