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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Miners Return to Market As Bitcoin Price Rebounds Above $6,000

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin price has made a strong recovery over the last week or so, nearly doubling in value from the lows it set during the extreme, panic-induced selloff earlier this month.

And as price has made a recovery, Bitcoin miners have begun returning to the market, turning back on their rigs, as can be seen by an increase in hash rate.

Hash Rate Recovers After Deadly Panic-Induced Selloff

Bitcoin is a unique financial asset in the fact that it represents an entire decentralized blockchain network.

It’s this network that gives Bitcoin much of its value, and it is sustained by a process called proof-of-work. Miners solve complex mathematical equations to prove work was completed, unlocking a reward of BTC for their efforts and upfront production costs.

Related Reading | Prelude to Bull Run: Bitcoin Hash Ribbons Signal Miner Capitulation Only Just Started 

Miners aim to generate BTC at a price that is far higher than cost of production, earning them a profit.

But when Bitcoin price falls to extreme lows, miners often capitulate, either closing down their operations or simply shutting off their machines until Bitcoin price rebounds.

During the recent panic-induced selloff on the heels of the coronavirus pandemic, the first-ever cryptocurrency fell from over $10,000 to under $4,000 in a few week’s time.

The drop caused many miners to shut off their machines, as was indicated by a severe and sharp drop in the cryptocurrency network’s hash rate.

Bitcoin hashrate is on the increase

While some smaller mining operations capitulated when Bitcoin prices were in the $5000s

Other miners simply turned off their machines and waited for Bitcoin's price to increase so that mining was worth their while again$BTC #Crypto #Bitcoin https://t.co/TAN70Pge9W pic.twitter.com/KACAMYGDSx

— Rekt Capital (@rektcapital) March 24, 2020

That hash rate, however, has started to return as Bitcoin price has made a strong enough recovery to begin to offer some of the larger mining operations a return on their upfront investment in energy costs.

Bitcoin Price Continues to Trade Below Cost of Production, Despite Rebound

When it comes to Bitcoin mining, it’s survival of the fittest, and only miners with the cheapest energy costs and most efficient operations are able to withstand when Bitcoin price falls to such lows.

Related Reading | Bitcoin Trades Below Production Cost, Miners Are Better Off Buying 

And while the hash rate does show signs of recovery, Bitcoin price still is below the cost of production for most smaller mining operations, who are still better off spot buying the cryptocurrency outright at an exchange than continuing to operate expensive, energy-consuming rigs at a loss.

bitcoin price chart cost of production

The recovery in the hash rate is a positive sign. The fear was that as smaller miners left the market, the hash power behind Bitcoin’s blockchain would become more and more centralized with just the largest miners controlling the lion’s share of the network, essentially destroying the asset’s value as a decentralized network.

Any single entity gaining a majority share of the network’s hash power could have devastating implications if the influence is used against the protocol.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is 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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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