No Capitulation in Sight as Bitcoin Miners Push Forward
By Mark Lemon - Cryptocurrency Specialist
New data reveals that in spite of suffering a 15% dip in its price, Bitcoin doesn't see any capitulation among miners. These miners must have faith and believe users will continue to buy and sell Bitcoin.
Monitoring resource Coin Dance says that Bitcoin's hash rate estimates remain more adamant now than when they did before the market price dropped. Hash rate is the amount of computing power that goes into powering and keeping the Bitcoin network up and running.
The November 23rd hash rate is said to be identical to Bitcoin's last all-time high. This is indicated by Coin Dance's statistics in which Saturday's readings are identical to those from October 10, which was at 134 quintillion hashes per second. This means the network is capable of processing as many transactions buying and selling Bitcoin now as it did then, suggesting miners are continuing.
There has been an escalating consensus that Bitcoin miners were leaving their positions due to the rising losses they experienced, as Cointelegraph previously reported. Statistician Willy Woo said that the process should have been completed as of this week. If the process has finished, we should see no more miners leaving the network in which users should be able to buy Bitcoin and transact without further restraint to the difficulty of the network.
Although entrepreneur Alistair Milne suggested that miners were a bit concerned with the ongoing price action, in his Sunday tweet, he summarized that "There is NO miner capitulation." Milne went on to explain that they are aware of the upcoming halving and the recent dip will have not force them to stop mining Bitcoin.
Milne also addressed the rising Bitcoin mining difficulty, which is certainly an indicator that had until recently been low.
This difficulty is a measure of the amount of effort needed to solve Bitcoin block equations and adjusts itself to fulfill ongoing miner sentiment regularly. At the start of this month, the difficulty fell by about 7%, which is the biggest drop of the year. However, according to Blockchain figures, that difficulty witnessed a 2% uptick which indicates that miners returned, or new ones entered.
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