The Bitcoin network hashrate currently stands at 32 million terahashes per second. The hashrate decreased 35% over the past year, while the USD market value for Bitcoin decreased 82% from it’s previous highs.
A sustained decrease in hashrate which declines less compared to price leads a Bitcoin bull to conclude the existence of a continued strong mining community underpinning the BTC Network.
Long term confidence in the viability of BTC is demonstrated in the network as mining competition has decreased at a much slower rate and miners demonstrate continued confidence in the long term viability of the bitcoin blockchain.
When enduring a deep bear market that we are currently experiencing it’s important to keep a firm focus on long term fundamentals. Continued confidence by the mining community combined with an increase in Bitcoin wallet take-up (even in the midst of a savage decline) provide some comfort for long term Hodlers of BTC.
Lawrence Schnellmann
@lschnellmann
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