{"id":632925,"date":"2024-08-03T12:30:47","date_gmt":"2024-08-03T12:30:47","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=632925"},"modified":"2024-08-03T11:15:33","modified_gmt":"2024-08-03T11:15:33","slug":"bitcoin-hashrate-nears-record-levels-amidst-price-decline-details","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/","title":{"rendered":"Bitcoin Hashrate Nears Record Levels Amidst Price Decline &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">According to data from<a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">\u00a0CoinMarketCap<\/a>, the price of Bitcoin (BTC) has taken a nosedive this week falling by 9.03% to trade below the $62,000 price mark. This negative price action brings the asset\u2019s net gain over the last month to a mere 0.20%, indicating a period equally influenced by both buyers and sellers. <\/span><span style=\"font-weight: 400\">As Bitcoin now attempts to find a support level, blockchain analytics platform CryptoQuant has revealed certain elating developments in the token mining space.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-miner-capitulation-comes-to-an-end-time-to-buy-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Miner Capitulation Comes To An End \u2013 Time To Buy BTC?<\/a><\/div>\n<h2><strong>Bitcoin Miners Hashrate 2% Away From Network ATH<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On Friday, CryptoQuant <a href=\"https:\/\/x.com\/cryptoquant_com\/status\/23779427\" target=\"_blank\" rel=\"noopener nofollow\">shared on X<\/a> that the Bitcoin miner hashrate has been on the rise this last week, reaching as high as 604 exhashes\/second (EH\/S). According to the analytics team, this value represents a 6% gain from the lows on July 9 but remains 2% off the network&#8217;s current all-time high hashrate value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cryptoquant report states that Bitcoin miners are currently enjoying a better pay condition compared to April as daily mining revenues have grown by over 50% since early July, thus reducing the need to offload their assets. <\/span><span style=\"font-weight: 400\">This is proven evidently as daily Bitcoin miner outflows stayed between approximately 5000 &#8211; 10,000 BTC in July, showing a notable decrease from the range of 10,000 &#8211; 20,000 BTC seen in early March when Bitcoin reached the $70,000 price mark.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> miner hashrate is rebounding, reaching 604 EH\/s, a 6% increase since July 9.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> hashrate is now less than 2% from all-time highs. <a href=\"https:\/\/t.co\/aKJnOBj1vd\" rel=\"nofollow\">pic.twitter.com\/aKJnOBj1vd<\/a><\/p>\n<p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/23779427?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 2, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Generally, the Bitcoin <a href=\"https:\/\/www.uniquehot.com\/news\/red-alert-for-bitcoin-network-hashrate-takes-a-20-dive\/\" target=\"_blank\" rel=\"noopener \">hashrate<\/a> measures the total computational power used to mine and process transactions on the Bitcoin network. It is a crucial indicator of miners\u2019 confidence in BTC, with an increase signaling belief in mining the token due to profitability from current or future prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the ability of Bitcoin miners to sustain their recent performances despite the token\u2019s recent dip could prove pivotal in initiating a market price rebound, especially as a sell-off by these miners could further drive down the token\u2019s price. Nevertheless<\/span><span style=\"font-weight: 400\">, a future decline in hashrate is a more likely scenario as miners\u2019 profitability is largely depends on Bitcoin\u2019s price in addition to network fees.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-miners-slow-down-selling\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price<\/a><\/div>\n<h2><strong>BTC Price Overview\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin trades at $61,387 with a loss of 5.05% in the last 24 hours. Meanwhile, the asset\u2019s daily trading volume is barely up by 5.35% and is valued at $42.9 billion.<\/span><\/p>\n<p>Historical price data indicates BTC may currently be in the support zone, however, any further decline past this level could result in prices as low as $55,000 as seen in early July. Alternatively, if the crypto market eventually finds some stability in this zone, a return to the $70,000 price zone is on the cards.<\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/PLdpsRS1\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $61,508 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Reuters, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to data from\u00a0CoinMarketCap, the price of Bitcoin (BTC) has taken a nosedive this week falling by 9.03% to trade below the $62,000 price mark. This negative price action brings the asset\u2019s net gain over the last month to a mere 0.20%, indicating a period equally influenced by both buyers and sellers. As Bitcoin now attempts to find a support level, blockchain analytics platform CryptoQuant has revealed certain elating developments in the token mining space. Related Reading: Bitcoin Miner Capitulation Comes To An End \u2013 Time To Buy BTC? Bitcoin Miners Hashrate 2% Away From Network ATH On Friday, CryptoQuant shared on X that the Bitcoin miner hashrate has been on the rise this last week, reaching as high as 604 exhashes\/second (EH\/S). According to the analytics team, this value represents a 6% gain from the lows on July 9 but remains 2% off the network&#8217;s current all-time high hashrate value.\u00a0 Cryptoquant report states that Bitcoin miners are currently enjoying a better pay condition compared to April as daily mining revenues have grown by over 50% since early July, thus reducing the need to offload their assets. This is proven evidently as daily Bitcoin miner outflows stayed between approximately 5000 &#8211; 10,000 BTC in July, showing a notable decrease from the range of 10,000 &#8211; 20,000 BTC seen in early March when Bitcoin reached the $70,000 price mark. Generally, the Bitcoin hashrate measures the total computational power used to mine and process transactions on the Bitcoin network. It is a crucial indicator of miners\u2019 confidence in BTC, with an increase signaling belief in mining the token due to profitability from current or future prices.\u00a0 However, the ability of Bitcoin miners to sustain their recent performances despite the token\u2019s recent dip could prove pivotal in initiating a market price rebound, especially as a sell-off by these miners could further drive down the token\u2019s price. Nevertheless, a future decline in hashrate is a more likely scenario as miners\u2019 profitability is largely depends on Bitcoin\u2019s price in addition to network fees. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price BTC Price Overview\u00a0 At the time of writing, Bitcoin trades at $61,387 with a loss of 5.05% in the last 24 hours. Meanwhile, the asset\u2019s daily trading volume is barely up by 5.35% and is valued at $42.9 billion. Historical price data indicates BTC may currently be in the support zone, however, any further decline past this level could result in prices as low as $55,000 as seen in early July. Alternatively, if the crypto market eventually finds some stability in this zone, a return to the $70,000 price zone is on the cards. Featured image from Reuters, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":632926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,639,679,1144,78790,2312],"class_list":["post-632925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-hashrate"],"acf":[],"yoast_head":"\n<title>Bitcoin Hashrate Nears Record Levels Amidst Price Decline - Details<\/title>\n<meta name=\"description\" content=\"As Bitcoin attempts to find support, CryptoQuant has revealed certain elating developments in the token mining space.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Hashrate Nears Record Levels Amidst Price Decline - Details\" \/>\n<meta property=\"og:description\" content=\"As Bitcoin attempts to find support, CryptoQuant has revealed certain elating developments in the token mining space.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-03T12:30:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-03T11:15:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/YBGBAX5GA5NTHDPPFOT6R27WAI.jpg?fit=1000%2C657\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"657\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/www.uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Bitcoin Hashrate Nears Record Levels Amidst Price Decline &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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