UNITED STATES, WASHINGTON (OBSERVATORY) — Despite the continued stagnation of the market for the second month, the hashrate of the first cryptocurrency reached record highs.
So, the aggregate computing power of the Bitcoin network reached 83.526 EH / s, updating the historical maximum.
Some Twitter analysts and patrons are convinced that you should not be saddened by the unimpressive dynamics of BTC prices, but rather look at the situation more broadly in the context of a long-term perspective.
BREAKING: Bitcoin’s hashrate just hit a new all-time high.
If you're only focused on price, you're missing the bigger picture.
Bitcoin is working as designed. 🔥
— Rhythm (@Rhythmtrader) August 30, 2019
“If you focus only on price, then you lose sight of the big picture. Bitcoin works as intended ”
The DataLight researchers probably agree with him, having previously pointed out a positive and rather close correlation between the price of bitcoin and the complexity of its extraction.
According to CoinMetrics analysts , the total income from mining exceeded $ 14 billion and continues to grow despite the increasing complexity of the network.
The $ 15 billion mark is expected to be reached at the beginning of 2020.
On the other hand, many proponents of technical analysis, often focusing on the short and medium term, are not optimistic. So, CoinDesk Markets representatives pay attention to the “Descending Triangle” on the chart of total market capitalization:
— CoinDesk Markets (@CoinDeskMarkets) August 30, 2019
This figure of graphic analysis is often regarded by traders as a bearish pattern. Thus, the market is still dominated by sellers.
Recall, according to some reports, the Chinese giant Bitmain is going to increase its own hashrate by purchasing 600,000 of the latest mining chips.
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