{"id":655017,"date":"2024-11-27T09:00:01","date_gmt":"2024-11-27T09:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=655017"},"modified":"2024-11-26T19:24:38","modified_gmt":"2024-11-26T19:24:38","slug":"bitcoin-hashrate-4-9-trillion-cap-cryptoquant-ceo","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-hashrate-4-9-trillion-cap-cryptoquant-ceo\/","title":{"rendered":"Current Bitcoin Hashrate Can Sustain $4.9 Trillion Cap, CryptoQuant CEO Reveals"},"content":{"rendered":"<p>The founder and CEO of the on-chain analytics firm CryptoQuant has explained where the peak Bitcoin market cap lies based on the current hashrate.<\/p>\n<h2>Bitcoin Ceiling Could Lie At This Level Based On Network Hashrate<\/h2>\n<p>In a new <a href=\"https:\/\/x.com\/ki_young_ju\/status\/96795167\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a> on X, CryptoQuant founder and CEO Ki Young Ju discussed a BTC pricing model that puts upper and lower bounds on the cryptocurrency&#8217;s price using the trend in the mining hashrate.<\/p>\n<p>The<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-still-room-to-rise-quant-explains-why\/\" target=\"_blank\" rel=\"noopener \"> mining hashrate<\/a> here refers to a metric that keeps track of the total computing power the miners have currently connected to the Bitcoin blockchain.<\/p>\n<p>Miners use their computing power to compete against each other to become the first to solve certain mathematical puzzles and receive the block reward as compensation.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/chainlink-news\/chainlink-new-all-time-high-resistance-breaks\/\" target=\"_blank\" rel=\"noopener \">Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says<\/a><\/div>\n<p>Given that BTC can&#8217;t exist without the miners or, at least, not be as secure without a decentralized network, some believe the intrinsic value of the cryptocurrency can be measured using the hashrate.<\/p>\n<p>After all, the Bitcoin miners have to pay constant electricity bills to host the hashrate, and they would only be willing to run as many farms as would be worth it.<\/p>\n<p>The chart below shows that the BTC mining hashrate has been rising recently and setting new all-time highs (ATHs).<\/p>\n<figure id=\"attachment_655056\" aria-describedby=\"caption-attachment-655056\" style=\"width: 1393px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-655056 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?resize=1393%2C577\" alt=\"Bitcoin Hashrate\" width=\"1393\" height=\"577\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=1393 1393w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/chart_32c41a.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-655056\" class=\"wp-caption-text\">The trend in the BTC mining hashrate over the past year | Source: <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/hash-rate\" target=\"_blank\" rel=\"noopener nofollow\">Blockchain.com<\/a><\/figcaption><\/figure>\n<p>The reason behind this uptrend is the rally that the asset has been observing; price is the main variable for the revenue of these chain validators, as the <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-block-788695-the-day-transaction-fees-took-the-crown\/\" target=\"_blank\" rel=\"noopener \">block subsidy<\/a> they receive in BTC naturally fluctuates with it.<\/p>\n<p>Speaking of the block subsidy, a feature of the BTC network is that its value is permanently slashed in half about every four years in an event called the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-post-halving-advance-on\/\" target=\"_blank\" rel=\"noopener \">Halving<\/a>. A consequence of the Halving is that miner revenue in BTC is constantly heading down.<\/p>\n<p>The pricing model shared by Young Ju considers this fact by adjusting the mining hashrate. This indicator then takes the market cap&#8217;s ratio with this adjusted hashrate and determines the highest and lowest values for this ratio in the asset&#8217;s history.<\/p>\n<p>Here is the chart for the model that shows what values the asset&#8217;s market cap would need to attain for the ratio to become equal to either of these extremes:<\/p>\n<figure style=\"width: 1404px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GdO2AdSbIAAjq8B?format=jpg&amp;name=large\" alt=\"Bitcoin Market Cap To Hashrate\" width=\"1404\" height=\"950\"><figcaption class=\"wp-caption-text\">A BTC model calculating the market cap&#8217;s potential using the hashrate | Source: <a href=\"https:\/\/x.com\/ki_young_ju\/status\/96795167\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">@ki_young_ju on X<\/a><\/figcaption><\/figure>\n<p>As displayed in the above graph, the maximum potential Bitcoin market cap based on the current value of the network&#8217;s hashrate is almost $5 trillion. The asset&#8217;s market cap is a little under $1.9 trillion, which means it&#8217;s just 38% of this upper limit.<\/p>\n<p>Something to note, though, is that the 2021 bull run top occurred under the top line of the model. So, it&#8217;s possible that the top for the current cycle may not touch the line, either. That said, the market cap did come closer to the peak ratio back then than it has so far in this cycle, which could at least suggest there is room left for BTC in the rally.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-crashes-under-93000-whats-behind\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Crashes Under $93,000: What\u2019s Behind It?<\/a><\/div>\n<p>A peculiar feature in the chart&#8217;s lines is that they have some abrupt drawdowns in 2016, 2020, and 2024. These naturally correspond to the Halving events that occurred in those years and reflect their economic effect on Bitcoin mining.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, Bitcoin is trading at around $94,400, up more than 2% over the last seven days.<\/p>\n<figure style=\"width: 1486px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/CoomdiIp\/\" alt=\"Bitcoin Price Chart\" width=\"1486\" height=\"889\"><figcaption class=\"wp-caption-text\">The price of the coin has been riding an uptrend in recent weeks | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Dall-E, CryptoQuant.com, Blockchain.com chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The founder and CEO of the on-chain analytics firm CryptoQuant has explained where the peak Bitcoin market cap lies based on the current hashrate. Bitcoin Ceiling Could Lie At This Level Based On Network Hashrate In a new post on X, CryptoQuant founder and CEO Ki Young Ju discussed a BTC pricing model that puts upper and lower bounds on the cryptocurrency&#8217;s price using the trend in the mining hashrate. The mining hashrate here refers to a metric that keeps track of the total computing power the miners have currently connected to the Bitcoin blockchain. Miners use their computing power to compete against each other to become the first to solve certain mathematical puzzles and receive the block reward as compensation. Related Reading: Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says Given that BTC can&#8217;t exist without the miners or, at least, not be as secure without a decentralized network, some believe the intrinsic value of the cryptocurrency can be measured using the hashrate. After all, the Bitcoin miners have to pay constant electricity bills to host the hashrate, and they would only be willing to run as many farms as would be worth it. The chart below shows that the BTC mining hashrate has been rising recently and setting new all-time highs (ATHs). The reason behind this uptrend is the rally that the asset has been observing; price is the main variable for the revenue of these chain validators, as the block subsidy they receive in BTC naturally fluctuates with it. Speaking of the block subsidy, a feature of the BTC network is that its value is permanently slashed in half about every four years in an event called the Halving. A consequence of the Halving is that miner revenue in BTC is constantly heading down. The pricing model shared by Young Ju considers this fact by adjusting the mining hashrate. This indicator then takes the market cap&#8217;s ratio with this adjusted hashrate and determines the highest and lowest values for this ratio in the asset&#8217;s history. Here is the chart for the model that shows what values the asset&#8217;s market cap would need to attain for the ratio to become equal to either of these extremes: As displayed in the above graph, the maximum potential Bitcoin market cap based on the current value of the network&#8217;s hashrate is almost $5 trillion. The asset&#8217;s market cap is a little under $1.9 trillion, which means it&#8217;s just 38% of this upper limit. Something to note, though, is that the 2021 bull run top occurred under the top line of the model. So, it&#8217;s possible that the top for the current cycle may not touch the line, either. That said, the market cap did come closer to the peak ratio back then than it has so far in this cycle, which could at least suggest there is room left for BTC in the rally. Related Reading: Bitcoin Crashes Under $93,000: What\u2019s Behind It? A peculiar feature in the chart&#8217;s lines is that they have some abrupt drawdowns in 2016, 2020, and 2024. These naturally correspond to the Halving events that occurred in those years and reflect their economic effect on Bitcoin mining. BTC Price At the time of writing, Bitcoin is trading at around $94,400, up more than 2% over the last seven days. Featured image from Dall-E, CryptoQuant.com, Blockchain.com chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":655018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,55860,631,639,640,1119,78790],"class_list":["post-655017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-hashrate","tag-bitcoin-market-cap","tag-bitcoin-miners","tag-bitcoin-mining","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Current Bitcoin Hashrate Can Sustain $4.9 Trillion Cap, CryptoQuant CEO Reveals<\/title>\n<meta name=\"description\" content=\"The founder of the on-chain analytics firm CryptoQuant has explained where the peak Bitcoin market cap lies based on the current hashrate.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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