The ratio of Bitcoin price to hash rate presents bulls with a long wait, as hash rate is still migrating.
Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October.In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.Bitcoin network hash rate 7-day average. Source: Blockchain.comHash rate model: Long road ahead to Bitcoin bottomBitcoin mining difficulty dropped by an estimated 27.94% on Saturday at block height 689,472, the biggest in its history. As Cointelegraph previously explained, the drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate.For miners still at work, the decrease will be something of a profit boost — difficulty automatically accounts for
Justice Department charges Binance, CZ
The long-awaited action could spell the end of Binance’s presence in the U.S. Read More Czytaj więcej We…
