Main navigation

Bitcoin Hash Rate Reaches New All-Time High as Miners Refuse to Capitulate

News
Mon, 12/23/2019 - 19:26
article image
Alex Dovbnya
Bitcoin defies all the FUD about miner capitulation with its hash-rate reaching a new record high
Bitcoin Hash Rate Reaches New All-Time High as Miners Refuse to Capitulate
Cover image via U.Today
Read U.TODAY on
Google News
Contents

In spite of Bitcoin's underwhelming price performance in Q4, its hashrate has just reached an all-time high of 111.86 EH/s, BitInfoCharts data shows.  

Bitcoin Hash Rate
image by bitinfocharts.com

card

Did miners actually capitulate?  

As of recently, there's been plenty of fear, uncertainty, and doubt (FUD) about miner capitulation that could trigger another immense market sell-off and possibly push the BTC price to new yearly lows. 

On Dec. 17, Capriole's head of digital asset management Charles Edwards claimed that the capitulation wouldn't stop unless Bitcoin's hash rate showed some consistent growth. This is exactly what was happening for the past four days -- the top coin's hash power surged from 86.87 EH/s to the above-mentioned ATH. 

Now, Edwards states that the hash rate has finally recovered, which could mark the end of the latest "shallow" capitulation that only lasted a little more than a month. 

Hash Rate
image by @caprioleio 

card

A powerful buy signal 

Historically, miner capitulations are the best periods to stack more sats. One can spot the end of this capitulation with the help of the so-called Hash Ribbon indicator.

When the one-month SMA of Bitcoin's hash rate surpasses the two-month SMA, it usually represents a great buying opportunity. Edwards predicts that such a rare occurrence could happen on Christmas Day.        

Is Bitcoin on the verge of another bull run? Feel free to leave your comment!  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.