2024

Bitcoin

when

According to data from<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">&nbsp;CoinMarketCap</a>, the price of Bitcoin (BTC) has taken a nosedive this week falling by 9.03% to trade below the $62,000 price mark. This negative price action brings the asset’s net gain over the last month to a mere 0.20%, indicating a period equally influenced by both buyers and sellers. As Bitcoin now attempts to find a support level, blockchain analytics platform CryptoQuant has revealed certain elating developments in the token mining space. 
<h2 id="strong-bitcoin-miners-hashrate-2-away-from-network-ath-strong">Bitcoin Miners Hashrate 2% Away From Network ATH</h2> 
On Friday, CryptoQuant <a href="https://x.com/cryptoquant_com/status/1819381684023779427" target="_blank" rel="noopener nofollow">shared on X</a> that the Bitcoin miner hashrate has been on the rise this last week, reaching as high as 604 exhashes/second (EH/S). According to the analytics team, this value represents a 6% gain from the lows on July 9 but remains 2% off the network’s current all-time high hashrate value.&nbsp; 
Cryptoquant report states that Bitcoin miners are currently enjoying a better pay condition compared to April as daily mining revenues have grown by over 50% since early July, thus reducing the need to offload their assets. This is proven evidently as daily Bitcoin miner outflows stayed between approximately 5000 – 10,000 BTC in July, showing a notable decrease from the range of 10,000 – 20,000 BTC seen in early March when Bitcoin reached the $70,000 price mark. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> miner hashrate is rebounding, reaching 604 EH/s, a 6% increase since July 9.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$BTC</a> hashrate is now less than 2% from all-time highs. <a href="https://t.co/aKJnOBj1vd" rel="nofollow">pic.twitter.com/aKJnOBj1vd</a> 
 — CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1819381684023779427?ref_src=twsrc%5Etfw" rel="nofollow">August 2, 2024</a>
</blockquote> 
Generally, the Bitcoin <a href="https://www.newsbtc.com/news/red-alert-for-bitcoin-network-hashrate-takes-a-20-dive/" target="_blank" rel="noopener ">hashrate</a> measures the total computational power used to mine and process transactions on the Bitcoin network. It is a crucial indicator of miners’ confidence in BTC, with an increase signaling belief in mining the token due to profitability from current or future prices.&nbsp; 
However, the ability of Bitcoin miners to sustain their recent performances despite the token’s recent dip could prove pivotal in initiating a market price rebound, especially as a sell-off by these miners could further drive down the token’s price. Nevertheless, a future decline in hashrate is a more likely scenario as miners’ profitability is largely depends on Bitcoin’s price in addition to network fees. 
<h2 id="strong-btc-price-overview-strong">BTC Price Overview&nbsp;</h2> 
At the time of writing, Bitcoin trades at $61,387 with a loss of 5.05% in the last 24 hours. Meanwhile, the asset’s daily trading volume is barely up by 5.35% and is valued at $42.9 billion. 
Historical price data indicates BTC may currently be in the support zone, however, any further decline past this level could result in prices as low as $55,000 as seen in early July. Alternatively, if the crypto market eventually finds some stability in this zone, a return to the $70,000 price zone is on the cards. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/PLdpsRS1/" alt="Bitcoin" width="1480" height="893">

Bitcoin Hashrate Nears Record Levels Amidst Price Decline – Details

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