A few weeks before the halving scheduled for 2020 happens, Bitcoin’s hash rate increased by 64%, indicating that the price of the cryptocurrency will tend to rise in the market, according to a analysis posted by Glassdoor on Twitter.
The post shows that the mining process is consistent even after the hash rate dropped in March, following the impressive drop of almost 50% in Bitcoin’s price.
In less than a month, the hash rate has rebounded impressively, reaching 64% growth after falling in March, showing indirect support for the halving Bitcoin that will be produced in the first half of May.
The hash rate and price of Bitcoin after halving
The hash rate is known as a unit of measurement to measure the power capacity of the Bitcoin mining network. It can indicate the massive presence of miners in the network, or the opposite, when the equipment is turned off.
This rate is important to the survival of Bitcoin and also indicates how the market is behaving in relation to the cryptocurrency. Even the effects of halving can be understood by the hash rate, for example.
Given this importance, a Glassnode analysis shows that the price of Bitcoin can appreciate after the recent growth in the hash rate.
“Bitcoin’s hash rate has recovered quickly from its recent decline, showing a clear upward trend as we get closer to halfway.”
Cryptocurrency up 70%
The latest drop in Bitcoin’s hash rate has accompanied the devaluation of the cryptocurrency by almost 50% in the market. Two months before halving, the price of Bitcoin was trading below $ 5,000 again, when the hash rate also fell.
In less than 30 days, an impressive recovery has made Bitcoin trade at more than $ 7,300 in recent weeks. Compared to the price of the cryptocurrency on March 16, 2020, Bitcoin grew 70% after the hash rate fell.
With a mining Balanced, Bitcoin will go through the third halving in its history. Between May 8-14, the cryptocurrency will have its mining reward cut in half.
The market is expecting a positive return for Bitcoin, tending to follow what happened after the 2012 and 2016 halvings. With the hash rate currently at 118,816 TH / s, mining appears to be unaffected by the upcoming event.
According to we have published In Cointelegraph, a theory of halving in 2020 suggests that Bitcoin’s price could go as high as $ 100,000. This same theory bets that the cryptocurrency will be worth more than a million dollars after the halving of 2024.