Bitcoin Miners Expand Capacity As Network Hashrate Hits New Record Despite Recent Price Drop
Portfolio Pulse from Murtuza Merchant
Bitcoin miners are expanding their operations as the network's hashrate hits a new record of 627 exahash per second, despite a recent price drop and low hash price. This indicates optimism among miners after a phase of selling. Miner outflows surged recently, suggesting squeezed profit margins.
August 14, 2024 | 2:47 pm
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Bitcoin miners are increasing their capacity as the network's hashrate reaches a new high of 627 exahash per second, despite recent price drops. This suggests optimism among miners, even as profit margins are squeezed.
The increase in hashrate indicates that miners are optimistic about future Bitcoin prices and are willing to invest in more computational power. This could lead to a positive sentiment in the market, potentially driving up Bitcoin prices in the short term.
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