Bakkt launches Monday and BTC hash rate hits another all time high!steemCreated with Sketch.

in bitcoin •  26 days ago  (edited)

Bitcoin pulled back, but its hash rate continues to spike

As I type, bitcoin's hash rate is now almost 103 trillion ‘tera’ hashes per second. Which can also be said as 103 quintillion hashes.

This is another all time high hash rate for bitcoin and the first time it has breached the 100 quintillion mark:

(Source: https://www.newsbtc.com/2019/09/19/bitcoin-hashrate-hits-all-time-high-as-price-dwindles/)

This marks a significant milestone for bitcoin as more and more resources are going into mining bitcoin.

The theory is that hash rate precedes price, but we shall see.

Bakkt is set to launch on September 23rd (Monday)

For the first time in Bitcoin's history it will have a physically deliverable futures product.

https://www.newsbtc.com/2019/09/06/bakkt-still-on-track-for-bitcoin-futures-launch-this-month/

The current bitcoin futures products are cash backed, meaning no bitcoins actually change hands.

The ones being offered by Bakkt will represent the first physically settled bitcoin futures products ever.

This should be a gateway for institutions that were previously unable to participate in the bitcoin markets to have an on-ramp.

I would guess this will help bring in new money into the space, something badly needed.

Oh, and don't forget...

This is all coming on a day when bitcoin is down some 5% after the FED announced yet another interest rate cut.

Which is only the second one in the last 10 years and only the second one since bitcoin has existed.

And then there is this little nugget about bitcoin being in the Buy Zone as well:

(Source: https://twitter.com/woonomic/status/1174012616731168770)

Should be some interesting times ahead.

Stay informed my friends.

-Doc

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

21 sep or 23?

23rd, good catch!

if people think the individuals were greedy pumping bitcoin up to 20k wait till the banking hedge funds and wall street greed starts
its going to go ballistic
you can always count on these pricks greed and we are in there way before them the next year in a half is going to be awesome
it will be the halving on top of wall street criminal greed
for once i appreciate the murdering theiving bankers and govts
lmfao
cheeers bud
and good post

Ha, yep I think you might be right. Though I am sure many were in during that 2017 pump. They were probably part of that big pump, just in 'creative ways'. But overall I think you are right, we could be looking at a larger scale of that pump once there are easier on-ramps for these guys.

criminals always overinflate things and cryptos will be no different and thanks for the great articles you and edicted put out i really enjoy reading them even if i dont always agree but i need to see all sides either way
be well and lets all starve the filthy murdering beast together whenever we get the chance

Haha works for me!

I wonder if this has anything to do with the recent drop and pop back up.

t3.png

Perhaps support is being tested to judge where the price is going?
Seems like we have a lot of support.

still has not gone below 9k and i believe it will pass the all time high before it goes below that andive been pounding the table about that for a long time while everyone thought 8.5k and 7k
the greed and lust and fear of missing out is coming real soon buddy and i cant wait
half my alts are below where i bought them but the other half im way above still
cheers man and thanks for all your help with my issues yesterday
cheers

I wish I could say it does, but honestly we have seen this kind of price action so many times the past several months I am not sure. Pop, sideways, drop. Drop, sideways, pop. The good ol Bart Simpson Hair pattern has become the norm with bitcoin.

these pricks have a 170 trillion dollars at their disposal
it ,might start off slow but the greed will get to them and things will go ballistic and just wait till the stock market crashes and there isnt enough gold and silver to buy
it will be like trying to get the hoover dam through a straw
cheers

Hopefully. That would work for me!

ibelieve that will work for everyone who sees yours and edicteds posts lol
and lots of others here that have never seen your guys posts
they are missing out i will tell you that lol
have a great day JR

Store of value os the only focus I need to think of to make me still be bullish about bitcoin. The questionnis whether altcoins will come up as well as it seems some are trying to.

Posted using Partiko iOS

Yep. I completely agree. I think bitcoin will do well even if it never catches on as a popular means of payment. It works as a settlement layer that is immune to schmucks.

It's all about how much of the hash rate is wasted because of reward for some block goes to another mining pool and that is what affects the price because everyone wants to get at least even with their mining costs.

  ·  24 days ago (edited)

Yep. Supposedly some of the longer running mining firms sell a certain amount to cover running costs in the future and then hold once they get their safety net set up, but now you could just sell calls or buy puts as well to help hedge if you are a miner.