All over last week, Bitcoin’s price was struggling to hold above the $50k benchmark as the price has been trading well above the forecasted threshold over the past day.
- Despite the renewed buying-interest, some category of stakeholders has been booking their profits and cashing out.
- Following China’s restriction on Bitcoin mining earlier in the year, miners had found themselves in a tricky situation. The mining market has been recovering after a significant decline in the hash rate that followed.
- The 14-day median value of the market is now at 128 EH/s, which is normally 29% below its ATH. Meanwhile, the same also reflects a 42% recovery from its July lows.
- The stiff competition in the mining space has been growing in the macro-frame, mainly due to Bitcoin’s native halving incidents, pushing the rewards per hash to a long-term decline until 2020.
Considering the global ASIC chip constraints, the mining market experienced a slowdown in responding to the inclining price of Bitcoin. There are fewer machines that are competing over the same number of coins, and the USD revenue per hash jumped back to July 2019 levels.
BTC USD down -9.85%Source: AMB Crypto