Recovering the Bitcoin network hash rate (BTC) after an unexpected fall on September 23 is a good sign for the entire cryptosphere. So many representatives of the expert community believe.
Recall that last Monday, the amount of computing power used to extract the largest cryptocurrency unexpectedly fell by more than 30%. If on Sunday the hashrate was about 98 exams per second (EH / s), then after a day it decreased immediately to 67.7 EH / s.
Hashrate has recovered! It's a good sign! Still bullish! ? #Bitcoin $ BTC pic.twitter.com/1bnADWlHEn
– Mia Tam (@_blockandchain_) September 25, 2019
Many users of social networks were worried about this information. On Tuesday evening, the fall in the value of bitcoin began, which proves the point of view of those experts who connect the dynamics of the hash rate with the movement of the BTC rate.
A Twitter user under the nickname frank blacked out believes that the miners started selling at lower prices, which could provoke a coin drop, coupled with other factors. The hashrate recovered already tonight, this figure again exceeded 92 EH / s, follows from the data of the Blockchain service .
In the near future, the transition of bitcoin to steady growth is unlikely, but there are many optimists among observers who believe that restoring the hash rate is an excellent signal to gaining previously lost positions.
Bitcoin hashrate collapsed forcing miners to sell at a lower price .. more than likely the leading indicator here. pic.twitter.com/Cy9JbS8HAC
– frank blacked out (@frankblackedout) September 24, 2019
Although there is such a point of view in the expert community that it is impossible to accurately calculate the dynamics of a short-term hash rate change.
One proponent of this position is Messari co-founder Dan Macardley. He emphasized that the bitcoin hash chart is an estimate and is calculated through an estimate of the processing time of the block, so the hash data is extremely volatile over short time periods.
Hash rates are unknowable!
1) There is no chart of hashrate. They are all charts of * estimated * hash rate based on observed block times
2) They are extremely noisy on short timeframes
3) We see big moves like this in the * estimate * frequently https://t.co/UEfuoW9D8j
– Dan McArdle (@robustus) September 24, 2019
Publication date 09/26/2019
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