the pressure of miners on the value of bitcoin will decrease
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| the pressure of miners on the value of bitcoin will decrease |
Bitman co-founder Jihan Wu said that after halving the block reward, the pressure from the miners on the value of bitcoin will decrease, but there is no reason to expect a sharp rise in price.
On Tuesday, after another recount, the Bitcoin mining difficulty increased by 8.45% from 14.72 trillion to 15.96 trillion. It is expected that in two weeks, at the next recount, the complexity will increase by another 8.7%. As the 8btc portal notes, the increasing complexity of bitcoin mining means that miners are returning, and this is a positive factor for the first cryptocurrency.
During a recent online event, the founder and CEO of the Chinese mining company Bitmain, Jihan Wu, said that miners' pressure on the price of bitcoin will decrease after halving the block reward and the beginning of the rainy season in Sichuan, where more than 50% of the entire hashrate of the Bitcoin network is concentrated . He said:
“I think that halving the block reward will force miners to take a wait and see position until the network and market indicators stabilize. In the past, hashrate and complexity grew before halving and after, but along with this, the price of bitcoin also increased. This time, the cost of the first cryptocurrency not only does not grow, and sometimes even drops very much, as it was recently. Therefore, I think that after halving the hash rate of the Bitcoin network will drop by 20%. ”
Bitman co-founder also urged investors not to expect a sharp increase in the value of the first cryptocurrency:
“Do not expect the price of bitcoin to rise sharply after halving. We need to take a long-term position and keep risks under control. ”
The increase in hashrate and complexity has not yet affected the value of bitcoin in the spot market. The price continues to attempt to gain a foothold above $ 7,000 and many traders hope that halving the block reward will have a positive impact on the rate of the first cryptocurrency.
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