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Bitcoin (BTC) Hash Rate Skyrockets, Targets New All-Time High

News
Sun, 06/07/2020 - 14:47
Vladislav Sopov
While Bitcoin’s difficulty is close to its 2019 levels, the hash rate of the flagship blockchain spiked. Why is this meaningful?
Bitcoin (BTC) Hash Rate Skyrockets, Targets New All-Time High
Cover image via stock.adobe.com
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The hash rate for Bitcoin (BTC) is targeting new a new all-time high (ATH) according to charts by Coinmetrics. This sign has no chance of not being bullish for flagship cryptocurrency holders.

100 Blocks Ahead of Schedule

Alex Thorn, a VC investments expert and associate of Fidelity's Avon Ventures, noticed the hash rate's explosive move up for Bitcoin (BTC), which started on June 2, 2020.

Bitcoin (BTC) hashrate spikes
Image via Twitter

According to charts revealed by Mr. Thorn, Bitcoin's hash rate surged above 130 EH/s for the first time in its fourth epoch. Mr. Thorn discovered that this allowed Bitcoin (BTC) miners to add 100 more new blocks to the chain prior to being scheduled.

This is the most rapid spike for Bitcoin's hash rate, especially in a turbulent year. It has managed to gain almost 40% since June 2, 2020.

The actual all-time high was registered before the price market bloodbath known as Black Thursday. On March 1st, 2020 BTC reached an insane level of 136.24 EH/s. During the three most painful weeks of March 2020, the hash rate decreased almost 50%.

Miners are Optimistic

It looks like Bitcoin (BTC) miners have shrugged off the negative aftermath of Black Thursday and the slashing of third mining rewards, which occurred on May 10, 2020.

Miners are aggressively adjusting their operations to a new reality. According to the official website Bitmain, a top-level producer of mining rigs, all models starting from Antminer 17 were sold out.

It took only a few weeks for Bitmain to sell out all of its brand-new S19 series mining gear.

Sales of these models (S19 and S19 Pro), which have an incredible performance rate of 110-115 TH/s, started only in May. The recently released T19 (third model) also sold out in only three days.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
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John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)