The #bitcoin hashrate has now breached 500
What does this mean:
Going from all time high of 300 in January: 300 was the Hash point where the network could operate transactions with an equal price of around $220,000 (That’s Keiser math) I do happen to agree with. The hash moves and creates bitcoin, the more Hash, the more valuable the asset has to be
With 300 ehs the competition is already 🔥 so fighting for a 25k asset wouldn’t make sense, as cost to produce “apparently” is about 24k per Bitcoin (I say it’s around 4-9k) but let’s say miners are telling the truth
In 12 months they all get a 50 or more % pay cut due to the halving
If you’re breaking even at 24k, 12k would bankrupt you. So miners should literally be 💩 pants time…. And we shouldn’t see any new miners onboard Right!?!?
Wrong! What we have seen is Hashrate in 6 months go from 300 to now 516.61 Ehs
This amount of power increase would compare to: every citizen in Russia and Europe owning a Bitcoin miner…. This is millions of machines brand new mining #bitcoin
The competition now makes it incredibly hard to win Bitcoin so you’re already taking a pay cut….
Unless someone knows something I don’t…. THIS MAKES NO SENSE!!! For the price to remain at 26k…. You wouldn’t spend millions on a mining company and TBH deal with all of Bitcoins bullshit, being honest Bitcoin is a tough business to run with everyone trying to bankrupt us all
The only way this makes sense if price was going to hit something very large or atleast set a floor at 100k…. 500 hash for everyone to stay profitable and growing… you’ll need to see 400k Bitcoin but more would be better….
This moment in time is not mathematically correct for Bitcoin
Price the Hash is skewed violently… like something is holding price down