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Bitcoin hashrate recovers after huge freeze shuts down miners

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The Bitcoin network hashrate has come to 241.29 EH/s once a short lived 38% fall to a hundred and 70.60 EH/s from a weekly peak of 276.40 EH/s.

Bitcoin’s network hashrate has come back to regular levels once more, days once chilling temperatures across the U.S. place a strain on the nation’s electricity grid — resulting in a short lived drop by hashrate.

In the days leading up to Christmas, bone-chilling temperatures swept across the U.S., resulting in millions while not powered and claiming a minimum of 28 lives.

According to reports, Bitcoin miners in Texas, which accounts for a big portion of the country’s hashrate, voluntarily curtailed operations to allow power back to the grid — so residents will keep their homes heated.

The disruptions seem to place a dent in Bitcoin’s hashrate, which generally hovers around 225-300 Exahashes per second (EH/s). This fell to a hundred and seventy.60 EH/s on Dec. 25.

As of Dec. 26 however, the hashrate has come to 241.29 EH/s, consistent with information from hashrate mining calculator CoinWarz.

Bitcoin’s hashrate is calculated by measuring the quantity of hashes made by Bitcoin miners attempting to unravel the ensuing block. It’s considered a key metric in assessing how secure the Bitcoin network is.

The recent events prompted a moot statement from FutureBit founder John Stefanop, UN agency recommended the autumn in hashrate was thanks to a variety of “highly centralized mines” in Texas turning off at an equivalent time.

“I know, don’t modify the actual fact that many giant mines in Texas have an effect on the complete network to the tune of 33%…everyone’s transactions are currently being confirmed 30% slower as a result of the hashrate not being decentralizing enough,” he said.

“If hashrate was distributed equally round the world by 10’s of innumerable tiny miners rather than many dozen large mines, this event wouldn’t have even registered on the network,” Stefanop intercalary.

Bitcoin bull Dan commanded but refuted Stefanop’s war the events, difference of opinion that weather patterns don’t mean centralized possession or management.

According to the Cambridge Bitcoin Electricity Consumption Index, the U.S. accounts for 37.84% of the common monthly hashrate share. The highest four states within the country for Bitcoin mining embody New York, Kentucky, Georgia and Texas — all of which had veteran power outages thanks to the winter storm.

However, Dennis Porter, the business executive of Bitcoin mining support cluster Satoshi Action Fund noted to his 127,400 Twitter followers on Dec. 25 that whereas the inclement weather, notably in Texas, caused 30% of Bitcoin’s hashrate within the U.S.to travel offline, the network “continues to work perfectly.”

Cheap power and favorable mining regulation in Texas has led to a Bitcoin mining boom in Texas in recent months, which is currently host to a number of the biggest mining corporations within the world.

Among those Riot Blockchain, Argo, Bitdeer, Argo, work out North, Genesis Digital Assets and Core Scientific — who’ve recently received a $37.4 million bankruptcy loan to remain afloat.

However recent weather events have solely intercalary to Bitcoin mining companies’ list of headaches.

The securities industry has infested Bitcoin mining corporations to the tune of $4 billion in debt, consistent with recent information.

Many notable U.S. primarily based mining corporations have filed for bankruptcy in recent months too, whereas several alternative corporations square measure approaching near-insurmountable debt-to-equity ratios that need immediate restructuring.

The tragic weather events haven’t wedged the value of Bitcoin (BTC) to date, that is presently priced at $16,826 — solely down 0.27 over the last 24 hours.

The post Bitcoin hashrate recovers after huge freeze shuts down miners first appeared on BTC Wires.



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Venture Capitalists Funnel Nearly $2,500,000,000 Into Crypto in Q1 of 2024: Galaxy Research

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New data from crypto insights firm Galaxy Research finds that during the first quarter of the year, venture capitalists poured in billions of dollars into the digital assets industry.

In a new article, Galaxy Research says that venture capitalists invested $2.49 billion into cryptocurrencies during Q1 of 2024, a 29% quarter-over-quarter (QoQ) rise.

The analytics platform says that heavy investments during Q1 of 2024 signal that Q4 of 2023 could have been the bottom of the market.

“In Q1 2024, venture capitalists invested $2.49 billion (+29% QoQ) into crypto and blockchain-focused companies across 603 deals (+68% QoQ).

This was the first rise in both capital invested and deal count in three quarters, perhaps signaling that Q4 2023 was the ‘bottom,’ although a continuation of QoQ increases – and a more meaningful increase – would confirm that over the coming quarters.”

chart_1
Source: Galaxy Research

Galaxy Research goes on to note that while venture capitalist investments into the crypto space have correlated with the price of Bitcoin (BTC) in the past, the crypto king’s massive rise in 2024 caused them to decouple.

“While venture capital investment in the crypto sector has typically correlated to the Bitcoin price, that correlation has broken down over the past year, with bitcoin rising significantly since January 2023 but VC activity mostly languishing.

Q1 2024 saw a significant rise in BTC, and while capital invested also rose, the investment activity is still nowhere near the levels when Bitcoin last traded over $60,000.

The combination of crypto industry-native catalysts (Bitcoin exchange-traded funds, new areas like restaking, modularity, Bitcoin layer-2s, etc.) and macro headwinds (rates) contributed to the notable divergence.”

Chart_2
Source: Galaxy Research

Bitcoin is trading for $62,754 at time of writing, a 5.2% increase during the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin and Other Cryptos Set To Begin ‘Slow Grind Higher,’ Says Arthur Hayes – Here Are His Top Altcoin Picks

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BitMEX co-founder Arthur Hayes is saying that crypto assets are likely to benefit from the US monetary policy going forward.

In a new essay, Hayes says that the U.S. Treasury and the Federal Reserve are engaging in “stealth money printing policies.”

According to the BitMEX co-founder, the “slow addition of billions of dollars of liquidity each month will dampen negative price movement” for crypto assets.

“While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.”

Hayes says that the recent fall in the prices of crypto assets has offered an excellent opportunity to accumulate.

“I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and will identify other tokens that are ‘on sale.’

I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.”

The BitMEX founder is an advisor and investor in Pendle (PENDLE), a decentralized finance crypto project that lets users tokenize and sell future yields.

On his Bitcoin (BTC) forecast between now and August, Hayes says,

“A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.”

Bitcoin is trading at $62,726 at time of writing.

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Crypto Expert Turns Bullish On Bitcoin, Predicts Quantitative Easing Will Begin Soon

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Crypto expert Michaël van de Poppe has made a bullish case for Bitcoin as he alluded to macroeconomic factors that could soon play out in the flagship crypto’s favor. In line with this, he urged Bitcoin investors to take action with a parabolic surge on the horizon. 

An Imminent Quantitative Easing Would Be Good For Bitcoin

Van de Poppe suggested in an X (formerly Twitter) post that Bitcoin will rise on the back of a Quantitative Easing (QE), which he anticipates is “close.” He noted that the Fed has already started to “unwind Treasury buybacks and is reducing QT [Quantitative Tightening].” He claims this is happening because the economic data has worsened, which puts the US at risk of a recession. 

Therefore, the Fed seeks to avoid this recession by buying back long-term government bonds and injecting liquidity into the financial system. As the crypto expert predicts, this could be good since it will force the Fed to take a more dovish stance and possibly lower interest rates, boosting investors’ confidence to go all in on risk assets like Bitcoin. 

Van de Popper further predicts that this Quantitative Easing will become evident in the data released in the coming months. In line with this, he advised investors to long Bitcoin. It is worth noting that Bitcoin dropped to as low as $57,000 ahead of the latest FOMC meeting, with many investors seeming to have anticipated a hawkish stance from the Fed. 

However, as the crypto expert noted, the rates remain unchanged, and Fed Chair Jerome Powell raised the possibility of a rate cut as early as June. Given Bitcoin’s price recovery since then, this development looks to have already revived a bullish sentiment among investors. 

What To Expect Going Forward

In another X post, Van de Popper revealed his expectations for the crypto market going forward. He stated that Bitcoin will consolidate and go sideways (possibly ahead of the QE which will boost its price in the coming months. Meanwhile, he also expects Altcoins to “heavily outperform and rotation kicks in.”

The crypto expert had previously echoed a similar sentiment when he stated that he expects altcoins to bounce in their Bitcoin pairs while Bitcoin faces a period of consolidation that he doesn’t expect to change in the “coming months.” 

Back then, he also mentioned that there would be a narrative shift to Ethereum, and he reaffirmed this belief in a more recent X post, stating that he expects a lot from the second-largest crypto token by market cap.  

At the time of writing, Bitcoin is trading at around $59,100, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

BTC bulls reclaim control of price | Source: BTCUSD on Tradingview.com

Featured image from Seu Dinheiro, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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