• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Max Keiser: Bitcoin’s Rising Hash Rate Shows Confidence in Fiat is “Collapsing”

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin’s recent mining rewards halving that took place just a couple of months ago went off without a hitch and has had a negligible adverse impact on the dynamics seen amongst the cryptocurrency’s miners.

This comes despite what many analysts had previously believed, as some had been calling for an imminent “hash rate death spiral” that would be induced by the event.

Despite this, BTC’s hash rate was able to surge to a fresh all-time high yesterday and isn’t showing any signs of spiraling lower any time soon.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Now, one prominent investor and Bitcoin advocate is noting that he believes hash rate precedes price – with this being a positive sign for BTC’s near-term outlook.

He also notes that the growth this metric has seen elucidates a collapse in confidence for fiat currencies.

Bitcoin’s Hash Rate Surges to All-Time Highs; Avoids “Death Spiral”

The block rewards reduction that took place in May hampered miner’s profitability and led some analysts to suspect that it would cause many smaller miners to capitulate.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Shortly after the event occurred, Bitcoin transaction fees rocketed temporarily, helping alleviate some of the pressure that was placed on miners.

Although these fees have since declined, miners do not appear to be shutting off their rigs, as BTC’s hash rate just hit a fresh all-time high this weekend.

Data from blockchain.com shows that this metric peaked at just under 126 million TH/s, marking a massive climb from its one-year lows of 62 million TH/s.

Bitcoin

Image Courtesy of Blockchain.com

This is a sign that the cryptocurrency’s network is incredibly healthy and is also a testament to its underlying strength.

Max Keiser: BTC Hash Rate Precedes Price, Points to Collapsing Confidence in Fiat

Max Keiser, the host of the Keiser Report on RT and a prominent Bitcoin investor, explained in a recent tweet that Bitcoin’s price tends to follow its hash rate, which could mean that it is woefully undervalued at the present moment.

He also explained that the growth this metric has seen points to a collapse in the global population’s trust in fiat currencies.

“Hashrate precedes price. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing. Soon, BTC will actually be drawing energy away from fiat,” he said.

As the money printers continue spewing out paper, it is likely that the public’s trust in fiat currency will only degrade further, providing Bitcoin with a significant boost.

Featured image from Shutterstock.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Bitcoin Dominance Remains High As Market Sell-Offs Settle

24 hours ago
Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

1 day ago
bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

1 day ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

2 days ago
Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

2 days ago
Bitcoin

Bitcoin Trading Volume Plummets Down From Recent Top

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.