{"id":430598,"date":"2020-07-14T02:00:07","date_gmt":"2020-07-14T02:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=430598"},"modified":"2024-06-11T14:05:09","modified_gmt":"2024-06-11T14:05:09","slug":"bitcoin-hash-rate-shows-fiat-collapsing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-hash-rate-shows-fiat-collapsing\/","title":{"rendered":"Max Keiser: Bitcoin\u2019s Rising Hash Rate Shows Confidence in Fiat is \u201cCollapsing\u201d"},"content":{"rendered":"

Bitcoin\u2019s recent mining rewards halving that took place just a couple of months ago went off without a hitch and has had a negligible adverse impact on the dynamics seen amongst the cryptocurrency\u2019s miners.<\/p>\n

This comes despite what many analysts had previously believed, as some had been calling for an imminent \u201chash rate death spiral<\/a>\u201d that would be induced by the event.<\/p>\n

Despite this, BTC\u2019s hash rate was able to surge to a fresh all-time high yesterday and isn\u2019t showing any signs of spiraling lower any time soon.<\/p>\n

Now, one prominent investor and Bitcoin advocate is noting that he believes hash rate precedes price \u2013 with this being a positive sign for BTC\u2019s near-term outlook.<\/p>\n

He also notes that the growth this metric has seen elucidates a collapse in confidence for fiat currencies.<\/p>\n

Bitcoin\u2019s Hash Rate Surges to All-Time Highs; Avoids \u201cDeath Spiral\u201d<\/strong><\/h2>\n

The block rewards reduction that took place in May hampered miner\u2019s profitability and led some analysts to suspect that it would cause many smaller miners to capitulate.<\/p>\n

Shortly after the event occurred, Bitcoin transaction fees rocketed temporarily, helping alleviate some of the pressure that was placed on miners.<\/p>\n

Although these fees have since declined, miners do not appear to be shutting off their rigs, as BTC\u2019s hash rate just hit a fresh all-time high this weekend.<\/p>\n

Data from blockchain.com shows that this metric peaked at just under 126 million TH\/s, marking a massive climb from its one-year lows of 62 million TH\/s.<\/p>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Blockchain.com<\/pre>\n
This is a sign that the cryptocurrency\u2019s network is incredibly healthy and is also a testament to its underlying strength.<\/p>\n
Max Keiser: BTC Hash Rate Precedes Price, Points to Collapsing Confidence in Fiat<\/strong><\/h2>\n
Max Keiser<\/a>, the host of the Keiser Report on RT and a prominent Bitcoin investor, explained in a recent tweet that Bitcoin\u2019s price tends to follow its hash rate, which could mean that it is woefully undervalued at the present moment.<\/p>\n
He also explained<\/a> that the growth this metric has seen points to a collapse in the global population\u2019s trust in fiat currencies.<\/p>\n
\u201cHashrate precedes price. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing. Soon, BTC will actually be drawing energy away from fiat,\u201d he said.<\/p><\/blockquote>\n
As the money printers continue spewing out paper, it is likely that the public\u2019s trust in fiat currency will only degrade further, providing Bitcoin with a significant boost.<\/p>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin\u2019s recent mining rewards halving that took place just a couple of months ago went off without a hitch and has had a negligible adverse impact on the dynamics seen amongst the cryptocurrency\u2019s miners. This comes despite what many analysts had previously believed, as some had been calling for an imminent \u201chash rate death spiral\u201d that would be induced by the event. Despite this, BTC\u2019s hash rate was able to surge to a fresh all-time high yesterday and isn\u2019t showing any signs of spiraling lower any time soon. Now, one prominent investor and Bitcoin advocate is noting that he believes hash rate precedes price \u2013 with this being a positive sign for BTC\u2019s near-term outlook. He also notes that the growth this metric has seen elucidates a collapse in confidence for fiat currencies. Bitcoin\u2019s Hash Rate Surges to All-Time Highs; Avoids \u201cDeath Spiral\u201d The block rewards reduction that took place in May hampered miner\u2019s profitability and led some analysts to suspect that it would cause many smaller miners to capitulate. Shortly after the event occurred, Bitcoin transaction fees rocketed temporarily, helping alleviate some of the pressure that was placed on miners. Although these fees have since declined, miners do not appear to be shutting off their rigs, as BTC\u2019s hash rate just hit a fresh all-time high this weekend. Data from blockchain.com shows that this metric peaked at just under 126 million TH\/s, marking a massive climb from its one-year lows of 62 million TH\/s. Image Courtesy of Blockchain.com This is a sign that the cryptocurrency\u2019s network is incredibly healthy and is also a testament to its underlying strength. Max Keiser: BTC Hash Rate Precedes Price, Points to Collapsing Confidence in Fiat Max Keiser, the host of the Keiser Report on RT and a prominent Bitcoin investor, explained in a recent tweet that Bitcoin\u2019s price tends to follow its hash rate, which could mean that it is woefully undervalued at the present moment. He also explained that the growth this metric has seen points to a collapse in the global population\u2019s trust in fiat currencies. \u201cHashrate precedes price. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing. Soon, BTC will actually be drawing energy away from fiat,\u201d he said. As the money printers continue spewing out paper, it is likely that the public\u2019s trust in fiat currency will only degrade further, providing Bitcoin with a significant boost. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":401778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-430598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nMax Keiser: Bitcoin\u2019s Rising Hash Rate Shows Confidence in Fiat is \u201cCollapsing\u201d<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s recent mining rewards halving that took place just a couple of months ago went off without a hitch and has had a negligible adverse impact on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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