#BitcoinHashRateSurge
New all-time highs for Bitcoin's hash rate.
The increase in Bitcoin's hash rate to 1000 EH/s indicates intensified competition among miners, leading to reduced profitability for miners using less powerful equipment. Consequently, this results in increased mining costs (new equipment outweighs electricity costs). It also reflects a rise in interest and trust from miners.
If we relate this to the chart showing the decrease in Bitcoin reserves on exchanges, we can observe that at the moment when reserves and prices intersect, the value of BTC began to rise, and coins started to be actively withdrawn for long-term storage.
A decrease in market supply with stable or rising demand contributes to price growth, which is beneficial for miners and may not only increase competition but also provides grounds to believe that Bitcoin's volatility will decrease.
Hurry up, rush, buy... Bitcoin 😂
Not financial advice 😉
