🚀 Bitcoin hash rate hits new high, miners full of confidence? 🌟
Although the price of Bitcoin has been a bit sluggish recently, the enthusiasm of miners does not seem to be affected. In fact, the total hash rate of the Bitcoin network has recently hit a new all-time high, showing the long-term confidence of miners in Bitcoin.
According to data from on-chain analysis company Glassnode, although miners' income has dropped significantly since March, this has not stopped them from continuing to install new mining hardware. On Sunday, the hash rate even reached a new high of 693 exahashes/s, which is quite fierce competition in a low-income environment.
Interestingly, despite the reduction in income, miners did not choose to sell their Bitcoin to cover costs. Instead, they seem to prefer to hold Bitcoin, which seems to indicate that they are optimistic about the future value of Bitcoin.
There are also some large listed mining companies, such as Marathon Digital, who have also publicly stated that they are holding as much BTC as possible. They even use convertible bonds to buy more Bitcoin, which further proves their confidence in the long-term value of Bitcoin.
However, some of Bitcoin's on-chain indicators, such as net settlement volume and trading volume on centralized exchanges, seem to be inconsistent with the current price, showing that trading and speculation are decreasing.
Nevertheless, some well-known investors, including Bitwise CIO Matt Hougan and BitMEX co-founder Arthur Hayes, have predicted that Bitcoin will rebound in late September. They believe that although September is usually a weak month for Bitcoin, October and November tend to usher in strong rebounds.
💬 So, do you think the price of Bitcoin will recover in the short term? Will the miners' persistence be rewarded? Leave your opinion in the comment area!
