The recovery of the Bitcoin (BTC) network hashrate after an unexpected drop on September 23 is a good sign forthe entire cryptosphere. So many representatives of the expert community believe.
Let us remind you that last Monday the volumeThe computing power used to mine the world's largest cryptocurrency has unexpectedly dropped by more than 30%. If on Sunday the hashrate was about 98 exahash per second (EH/s), then a day later it dropped immediately to 67.7 EH/s.
Hashrate has recovered! It's a good sign! Still bullish!?#Bitcoin $BTC pic.twitter.com/1bnADWlHEn
- Mia Tam (@_blockandchain_) September 25, 2019
Many users of social networks are anxiousperceived this information. On Tuesday evening, the fall in the value of bitcoin began, which proves the point of view of those experts who connect the dynamics of the hash rate with the movement of the BTC rate.
Twitter user frank blacked outbelieves that miners began to sell at lower prices, which could have triggered the fall of the coin, coupled with other factors. The hash rate recovered tonight, this figure again exceeded 92 EH/s, according to data from the Blockchain service.
In the near future, the transition of bitcoin tosteady growth, but among observers there are many optimists who believe that restoring the hash rate is a great signal to gaining previously lost positions.
Bitcoin hashrate collapsed forcing miners to sell at a lower price .. more than likely the leading indicator here. pic.twitter.com/Cy9JbS8HAC
- frank blacked out (@frankblackedout) September 24, 2019
Although there is such a point of view in the expert community that it is impossible to accurately calculate the dynamics of a short-term hash rate change.
One of the supporters of this position is the co-founderMessari Dan Macardley. He emphasized that the bitcoin hash chart is an estimate and is calculated through an estimate of the processing time of the block, so the hash data is extremely volatile over short time periods.
Hash rates are unknowable!
1) There is no chart of hashrate. They are all charts of * estimated * hash rate based on observed block times
2) They are extremely noisy on short timeframes
3) We see big moves like this in the * estimate * frequently https://t.co/UEfuoW9D8j
- Dan McArdle (@robustus) September 24, 2019