The only remaining support points are 76 and 74
This is where all the whales come in to buy, so be ready for this moment
The market does not support emotions or fear, just be wise and target sensitive areas
Analysis
WIRED
America's Biggest Bitcoin Miners Are Pivoting to AI
6 days ago
๐ Current status of the Hash Rate
๐น The hash rate is still very high but it has started to fluctuate: According to recent data, the hash rate on the Bitcoin network is around 1,053 EH/s (exahashes per second) after being higher in recent days at ~1,200 and 1,180 EH/s before it slightly declined on some days.
StatMuse
๐น This level is considered very high compared to previous years, reflecting strong participation from miners and the presence of modern and large mining devices.
๐ Why are we seeing some recent declines?
๐ The hash rate is not a straight line; it changes daily due to various factors:
Bitcoin price fluctuations: A price drop often pressures miner profitability, causing some less efficient devices to temporarily stop working.
StatMuse
Operating costs: With rising mining difficulty and energy costs, some miners may temporarily exit the market during price drops.
Additionally, some large mining companies have started to shift part of their resources to AI projects or high-performance computing instead of just mining, which may affect the entry/exit of mining capacity at certain times.
WIRED
๐ง Difficulty and profitability
โ๏ธ Difficulty โ a measure of how hard it is to solve blocks โ has also risen to record levels in recent periods, meaning the network requires more power to mine successfully.
MEXC
๐ Profitability for miners (hash price) shows profitability pressures, even though the hash rate has reached record numbers, necessitating hardware upgrades or seeking cheaper energy.
Cointelegraph
๐ก What does this mean in practice?
โ An increase in the hash rate is positive for network security โ the more computational power, the harder the network is to hack.
Coin Insider
โ The temporary absence of some miners during price drops is not necessarily bad, but a natural economic response to cost pressures.
๐ Fluctuations in the hash rate tend to correlate with Bitcoin's price, as miners often run their machines more when the price is high, and vice versa.
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