As Bitcoin’s Hashrate Soars, Another BTC All-Time High Is Predicted By Crypto Experts
Only several weeks after being driven out of the world’s second biggest economy through a crypto crackdown, which ejected almost half of all bitcoin miners, bitcoin’s hashrate has rebounded to nearly all-time high levels.
Mining bitcoin at a rate of 170 exahashes per second (EH/s) is now feasible, a threefold increase from its previous low four months ago. Yet, it is still below the all-time high of 198 EH/s, set on April 15.
Some believe that the recovery is due in part to El Salvador’s decision to start mining Bitcoin through geothermal energy. El Salvador’s President Nayib Bukele, on the other hand, said that the technology was still being tested and that it had not yet been fully deployed.
Higher BTC Mining Output Leads To Hashrate Surge
BTC hash growth has been rather consistent over several months, suggesting that it is not a one-time surge but rather a continual increase in new hash or a reinstatement of previous hash rather than a one-time jump.
That may be because mining has become profitable again, with Digihost Technology, for example, claiming a 218% increase in crypto mining output for the third quarter, bringing a total of 130 BTC.
Marathon Digital also reported a 91% increase in BTC production, with the firm mining more than 1,200 bitcoins worth about $60 million (£44 million) during the same time period.
Bitcoin Price May Reach New ATH After October
PlanB, an online cryptocurrency expert, forecasted last June that the BTC price will conclude the month of September at $43,000, after ending the month of August at $47,000.
PlanB’s bitcoin price predictions are based on on-chain data and his own stock-to-flow methodology. Despite falling short by less than 1% in both months, PlanB’s prediction proved to be very accurate.
The Stock-to-Flow (S2F) model utilizes a ratio between the amount of Bitcoin in circulation (stock) and the amount of Bitcoin being generated to measure Bitcoin’s abundance and predict its future price which is known as flow.
According to PlanB, the cryptocurrency will hit $63,000 in late October, bringing it within striking distance of its previous all-time high of $64,000, achieved in April 2021
According to his prediction, the cryptocurrency will trade at $98,000 in December 2021 and will then exceed the $100,000 barrier, climbing to $135,000 in January 2022.
Many experts are saying the BTC price will rise before the end of the year due to many other reasons including fear of missing out (FOMO).
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