Category: Cryptocurrency News

As analysts continue to debate the future of the flagship cryptocurrency, Bitcoin, the network’s hashrate has seen exponential growth, with this key indicator poised to experience an 100% increase (from the beginning of the year) before the year runs out.  How Bitcoin’s Hashrate Has Grown The hashrate, which is used to measure the computational power used to mine and process transactions on the network, currently (at the time of writing) stands at 445 exahashes per second (EH/s). This figure represents a significant increase, considering that the network hashrate stood at 255 EH/s on January 1, 2023.  Related Reading: On-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales Hashrate almost 100% up | Source: CoinWarz These figures mean that the network hashrate has grown by 190 EH/s since the year began, and at this rate, it could well hit 510 EH/s by the end of the year, signaling a 100% increase from when the year began. These figures also suggest that more miners have jumped on the Bitcoin blockchain, with it being faster and more secure as a result of this.  At this rate, the hashrate could also well be on the way to fulfilling some of the predictions made by analysts. In March, A research analyst at River Financial, Sam Wouters, noted the impressive growth rate and predicted that Bitcoin’s hashrate could reach a “Zettahash by the end of 2025.” A Zettahash is equivalent to 1,000 EH/s. Going by this current rate, some have noted that Wouters’ prediction could become a reality by December 23, 2025, or the beginning of 2026. Despite this significant growth rate, it is worth mentioning that Bitcoin’s hash price has remained rather tepid during this same period. Hash Price refers to the revenue generated by miners on a per tera-hash basis.  Related Reading: How Ripple’s Rumored Token Burn Could Affect The XRP Price The hash price currently stands at close to $60, almost the same figure as at the beginning of the beginning of the year. Notably, Miners’ biggest payday came on May 8, 2023, when the hash price was $125.  Where The Bitcoin Hashrate Is Coming From In his tweet back in March, Wouters also tried to analyze where the growth in Bitcoin’s hashrate could be coming from. He shared his belief that it was unlikely that the added hashrate was coming from nation-states, as some people may suggest. According to him, the odds of nation-states providing computing power to the network and remaining a secret is low as “there are far too many people involved in running massive operations.” He concluded by stating that the source of the added hashrate was “nuanced” as it could simply be a result of factors like new models being put on the market, unused inventory going online, more facilities going live, and also entrepreneurs who are finding cheap sources before regulators step in.  BTC recovers as mining interest grows | Source: BTCUSD on Tradingview.com Featured image from Coinmama, chart from Tradingview.com

FCF Pay’s X account has been suspended amid circulating misreporting about its “partnership” with Honda, which has never happened.

Shiba Inu (SHIB) holders are not exempt from the turbulence of the market in recent weeks. Analyzing the current state of affairs for holders of the meme coin, it becomes apparent that the profitability of investing in this particular asset type has been a rollercoaster journey.  Data derived from IntoTheBlock, an analytics firm, reveals a striking fact: a mere 9% of the current SHIB holders find themselves in a profitable position at the current value of roughly $0.0000069 per coin. This figure is indicative of the challenges that many SHIB investors are currently grappling with. Moreover, an additional 1% find themselves at a break-even point, while a staggering 91% face the harsh reality of being at an overall loss. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? Source: IntoTheBlock Shiba Inu’s Price Plunge: A Tale Of Highs And Lows One of the key contributing factors to this landscape of varying profitability is the undeniable influence of Shiba Inu’s price volatility and the composition of its holder base. Over the past few months, SHIB’s market value has been subject to dramatic oscillations, largely propelled by substantial trading volumes. This volatility has undoubtedly played a pivotal role in shaping the current financial positions of SHIB holders.  It is also worth noting that an overwhelming 78% of the circulating supply of SHIB is concentrated within the wallets of the so-called ‘whale’ holders, emphasizing the significant influence of a few major players within the SHIB ecosystem. The plunge of Shiba Inu’s price, a staggering 92% drop from its all-time high of $0.00008616 in October 2021, has left many investors who bought at or near peak prices in a precarious position, facing significant losses. However, on the flip side, those who entered the market at relatively lower prices are potentially reveling in the positive returns yielded by their investments.  SHIB market cap slightly above $4 billion. Chart: TradingView.com At the time of writing, SHIB’s price stands at $0.00000700, as per CoinGecko, showing a 1.2% gain over the past 24 hours, though still nursing a 1.0% loss over the past seven days.  Can Shiba Inu Overcome Resistance? Despite the apparent challenges faced by SHIB holders, a glimmer of hope emerges from the analysis of the price trends. It is evident that every significant dip in SHIB’s value is consistently followed by a period of recovery, creating what appears to be a repetitive “zig-zag” pattern.  SHIB two-week price action. Source: Coingecko Related Reading: Cardano Yearly Support: The Key To A 15% Price Breakout? This pattern is indicative of a healthy correction process, a natural phenomenon within the realm of cryptocurrency markets. It speaks to the resilience of SHIB and its ability to bounce back from adversities, offering a ray of optimism amidst the prevailing uncertainty. Furthermore, the current market dynamics suggest that SHIB is grappling with a local resistance level, posing a formidable challenge to its upward trajectory. The interplay of reduced activity among the whale holders and the ongoing battle to overcome this resistance level implies that if SHIB manages to break through this barrier, a bullish trend could be on the horizon.  (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

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Bitcoin wakes up to near $28,000 ahead of a jump to a new BTC mining difficulty record as billionaire investor Ray Dalio conjures the chilling thought of “World War III.“

The Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre, one of the free economic zones within the UAE.

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The $5 billion estimation is based on three major seizures linked to the Bitfinex hack and Silk Road, meaning the actual holdings could be much larger.