Bitcoin Hash Rate Hits New ATH of 136.2 EH/s as BTC Price Starts to Grow Again

On Mar 2, 2020 at 2:04 pm UTC by Christopher Hamman · 3 min read
Photo: Shutterstock
Photo: Shutterstock

After a serious drop that happened last week, Bitcoin price has started to frow again. Meanwhile, BTC hash rate has reached a new ATH.

Bitcoin price is expected to rise exponentially after the coming halving event. This at least is what many HODLers are expecting. This is because Bitcoin prices haven’t moved with other markets. It has led many to become cryptocurrency believers. The Bitcoin hash rate which reduces the number of coins available as a reward for miners by half is propelling many to anticipate a significant rise in prices. 

At an all-time high, the current Bitcoin hash rate is at 136.2 EH/s. Bitcoin mining operations are set to expand after halving. New mining rigs are also expected. So much so that many influencers in the crypto space have analyzed this one way or the other. The UK’s Danny Scott put it this way.

BTC Price Is Expected to Remain Bullish after New Bitcoin Hash Rate ATH

 Other analysts have considered Bitcoin’s price dip. Analysts expect prices to remain stable. Even COVID-19 fears can’t break their confidence. Plan B is the cryptoanalyst that created the stock-to-flow model. He confirmed his confidence in Bitcoin prices. He has predicted prices to remain above $8600. Plan B also has indicated that Bitcoin prices may pick up as well.

Altcoins Remain a Mixed Bag

Altcoins have been mixed. This is due to Bitcoin’s dominance of the crypto space. This is to be expected. A dominance of about 63% says everything. From the popular ones such as XRP (about $0.23), Monero (XMR, $67.03) to the little-known ones such as Fetch (FET, $0.034) and Pluton (PLU, $2.4), prices seem to be based on their specific use-case scenarios. Price variances indicate that Bitcoin will remain the king of the hill. This is expected to occur for some time. 

Other markets are showing slight signs of recovery (especially the Asian ones). This raises further concerns by the crypto space about correlations between stock market prices and cryptocurrency markets.

Others are concerned with upcoming developments that will change Bitcoin’s core. Three plans within an upcoming soft fork will change just about everything concerning Bitcoin. Taproot Schemes, Tapscript Language and Schnorr Signatures will be one of the biggest developments since the last stable version of Bitcoin. This was also indicated by top crypto-analyst Lucas Nuzzi.

This will enable the implementation of long-expected changes. The Lightning Network is one such example. Then again, the lure of cheap power has also enabled miners to keep prices stable. Sources report that the State of Texas in the United States is attracting new Bitcoin mining operations. 

Bitcoin Miners Get an Incentive

One would have thought that the two (oil and Bitcoin) being market competitors will have a face-off in such a situation. However, it seems that miners would prefer to work with what they have been given (cheap wind power). If the right cluster of Bitcoin miners were to take advantage of such opportunities, we may see an outbreak in prices apart from the influence of others in the cryptocurrency community.

For now, though, Bitcoin prices are going just right. For the moment that is. At the time of filing this report, Bitcoin (BTC) prices were at $8750.41. This indicates a 1.5% rise in the past 24 hours. 

Altcoins, Bitcoin, Blockchain, Cryptocurrency news, News
Christopher Hamman
Author: Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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