Will miners’ confidence in Bitcoin finally pay off?


19 Sep 2023 10:30 AM

Bitcoin’s hashrate registered an unusual uptick last week, which was accompanied by a price uptrend. Now, indicators remain bullish, suggesting that the trend will continue....

  • Bitcoin's hashrate saw a significant spike, reaching over 500 Eh/s from 400 Eh/s in just one day, indicating an influx of new miners into the industry.
  • Despite the increase in hashrate, the mining difficulty chart remained flat.
  • Miners' interest in Bitcoin is growing, possibly due to expectations of higher profit margins.
  • Miners' revenue started to gain upward momentum since the beginning of the month, coinciding with the surge in hashrate.
  • Miners' faith in BTC is showing positive signs, with the Miners' Position Index and Puell multiple remaining in a neutral state.
  • BTC's price chart turned green, crossing $26,000 and even touching $27,000 briefly.
  • BTC's 24-hour trading volume also surged by nearly 100% in the last 24 hours.

The article highlights positive developments in Bitcoin's mining industry, such as the increase in hashrate, miners' revenue, and BTC's price. The sentiment is generally optimistic.

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You May Ask

What caused the spike in Bitcoin's hashrate?Why are miners showing interest in Bitcoin?How has miners' revenue been performing recently?What is the current sentiment in Bitcoin's mining industry?What is the current price and trading volume of Bitcoin?

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