{"id":558465,"date":"2023-10-31T22:00:45","date_gmt":"2023-10-31T22:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=558465"},"modified":"2024-06-11T07:05:41","modified_gmt":"2024-06-11T07:05:41","slug":"bitcoin-price-tide-could-asic-miner-values-signal","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-tide-could-asic-miner-values-signal\/","title":{"rendered":"Bitcoin’s Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?"},"content":{"rendered":"

Adam Back, the co-founder and CEO of Blockstream, has recently drawn attention<\/a> to a notable correlation, which is that the prices of ASIC (Application-Specific Integrated Circuit) miners tend to align with Bitcoin prices. <\/span><\/p>\n

This parallel trend has been confirmed historically, with the miners peaking in price<\/a> during the 2021 Bitcoin bull run, just as BTC reached its peak of $69,000.<\/span><\/p>\n

Back’s analysis shows that even as the market navigates through changing tides, the fate of mining equipment is an important piece of the puzzle for understanding the overall ecosystem. <\/span><\/p>\n

The CEO of Blockstream also suggests that the price of ASIC miners is not just a reflection of manufacturing costs or technological advancements<\/a> but also an indicator of market sentiment toward Bitcoin itself.<\/span><\/p>\n

Related Reading: The Hidden Signals: Bitcoin\u2019s On-Chain Data Points To Bullish Outlook, But There\u2019s A Catch<\/a><\/div>\n

The Miners’ Market: A Reflection Of Bitcoin’s Value<\/span><\/h2>\n

According to Back in a video posted on X (formerly known as Twitter), during the prelude to the 2021 bull market, the price of ASIC miners was low, mirroring the anticipation and optimism of the Bitcoin community for a significant rally. <\/span><\/p>\n

However, as Bitcoin’s value skyrocketed, so did the price for these mining machines, hitting a peak of $120\/Terrahash (TH) alongside Bitcoin’s all-time high. Yet, with the subsequent decline in BTC value, the demand and price for ASIC miners plummeted, currently trading hands at under $15\/TH\u2014a stark contrast to their previous highs.<\/span><\/p>\n

Despite a positive momentum for Bitcoin this year, ASIC miner prices have remained subdued. However, Back maintains an optimistic outlook for a potential resurgence in ASIC miner prices.<\/span><\/p>\n

\n

Historically there\u2019s been a high correlation between ASIC miner and #Bitcoin<\/a> prices. Learn how the new the Blockstream ASIC (BASIC) Note investment opportunity capitalizes on this thesis. Blockstream CEO Dr. @adam3us<\/a> explains: pic.twitter.com\/zHAqhLsGet<\/a><\/p>\n

\u2014 Blockstream (@Blockstream) October 31, 2023<\/a><\/p><\/blockquote>\n

The CEO of Blockstream suggests that as Bitcoin enters deeper into a bull phase<\/a>, the value of these essential mining components is likely to increase. <\/span><\/p>\n

Back points to the upcoming Bitcoin Halving \u2014 an event that historically impacts Bitcoin’s price due to the reduced rate at which new Bitcoins are generated \u2014 as a possible catalyst for Bitcoin’s price surge and a parallel rise in ASIC miner values.<\/span><\/p>\n

Bitcoin Path To Reclaim $35,000<\/h2>\n

Despite several predictions<\/a> and analyses about Bitcoin, the top crypto<\/a> has continued to move at its own pace. After retracing from the previously tapped $35,000, the asset has begun to thrive to reclaim that price zone.<\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, the asset trades at $34,269, down by 1.1% in the past 24 hours. However, looking at its weekly performance, Bitcoin still appears to be in gains. Though it has dropped by 0.7% in the past 7 days, it is still up by 20% in the past two weeks.<\/p>\n

Back mentioned that the Bitcoin Halving appears as a significant milestone that could precede a notable increase in Bitcoin’s price, typically starting around six months post-halving.<\/span><\/p>\n

Related Reading: Bitcoin\u2019s Stellar Surge: What\u2019s Next? Expert Deciphers The Crypto Labyrinth<\/a><\/div>\n

While the CEO of Blockstream hesitates to make a definitive prediction about the exact outcome this time, he remains optimistic about Bitcoin’s prospects, positing that the cryptocurrency could still grow further this year or next year.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Adam Back, the co-founder and CEO of Blockstream, has recently drawn attention to a notable correlation, which is that the prices of ASIC (Application-Specific Integrated Circuit) miners tend to align with Bitcoin prices. This parallel trend has been confirmed historically, with the miners peaking in price during the 2021 Bitcoin bull run, just as BTC reached its peak of $69,000. Back’s analysis shows that even as the market navigates through changing tides, the fate of mining equipment is an important piece of the puzzle for understanding the overall ecosystem. The CEO of Blockstream also suggests that the price of ASIC miners is not just a reflection of manufacturing costs or technological advancements but also an indicator of market sentiment toward Bitcoin itself. Related Reading: The Hidden Signals: Bitcoin\u2019s On-Chain Data Points To Bullish Outlook, But There\u2019s A Catch The Miners’ Market: A Reflection Of Bitcoin’s Value According to Back in a video posted on X (formerly known as Twitter), during the prelude to the 2021 bull market, the price of ASIC miners was low, mirroring the anticipation and optimism of the Bitcoin community for a significant rally. However, as Bitcoin’s value skyrocketed, so did the price for these mining machines, hitting a peak of $120\/Terrahash (TH) alongside Bitcoin’s all-time high. Yet, with the subsequent decline in BTC value, the demand and price for ASIC miners plummeted, currently trading hands at under $15\/TH\u2014a stark contrast to their previous highs. Despite a positive momentum for Bitcoin this year, ASIC miner prices have remained subdued. However, Back maintains an optimistic outlook for a potential resurgence in ASIC miner prices. Historically there\u2019s been a high correlation between ASIC miner and #Bitcoin prices. Learn how the new the Blockstream ASIC (BASIC) Note investment opportunity capitalizes on this thesis. Blockstream CEO Dr. @adam3us explains: pic.twitter.com\/zHAqhLsGet \u2014 Blockstream (@Blockstream) October 31, 2023 The CEO of Blockstream suggests that as Bitcoin enters deeper into a bull phase, the value of these essential mining components is likely to increase. Back points to the upcoming Bitcoin Halving \u2014 an event that historically impacts Bitcoin’s price due to the reduced rate at which new Bitcoins are generated \u2014 as a possible catalyst for Bitcoin’s price surge and a parallel rise in ASIC miner values. Bitcoin Path To Reclaim $35,000 Despite several predictions and analyses about Bitcoin, the top crypto has continued to move at its own pace. After retracing from the previously tapped $35,000, the asset has begun to thrive to reclaim that price zone. Currently, the asset trades at $34,269, down by 1.1% in the past 24 hours. However, looking at its weekly performance, Bitcoin still appears to be in gains. Though it has dropped by 0.7% in the past 7 days, it is still up by 20% in the past two weeks. Back mentioned that the Bitcoin Halving appears as a significant milestone that could precede a notable increase in Bitcoin’s price, typically starting around six months post-halving. Related Reading: Bitcoin\u2019s Stellar Surge: What\u2019s Next? Expert Deciphers The Crypto Labyrinth While the CEO of Blockstream hesitates to make a definitive prediction about the exact outcome this time, he remains optimistic about Bitcoin’s prospects, positing that the cryptocurrency could still grow further this year or next year. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":558480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15151,428,1119,78790,6664],"class_list":["post-558465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-asic-miner","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?<\/title>\n<meta name=\"description\" content=\"Adam Back, the co-founder and CEO of Blockstream, has recently drawn attention to a notable Bitcoin correlation which is prices of ASIC...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-tide-could-asic-miner-values-signal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-tide-could-asic-miner-values-signal\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["asic miner","bitcoin","btc","btcusdt","crypto"],"dateCreated":"2023-10-31T22:00:45Z","datePublished":"2023-10-31T22:00:45Z","dateModified":"2024-06-11T07:05:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-tide-could-asic-miner-values-signal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-tide-could-asic-miner-values-signal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?fit=900%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"asic miner\",\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2023-10-31T22:00:45Z\",\"datePublished\":\"2023-10-31T22:00:45Z\",\"dateModified\":\"2024-06-11T07:05:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/558465"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=558465"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/558465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/558480"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=558465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=558465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=558465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}