Now this is interesting...
The gap between the hashrate and the price is the largest it has ever been.
Now that is interesting...
Check out the chart:
(Source: https://twitter.com/ceterispar1bus/status/1109078489062232064)
Interestingly enough, the last time we were near this level of divergence between hashrate and price, we are were also at or near the lows of the previous bear market.
Who knows if it will play out like that this time, but it is interesting to note.
What happens next?
Most likely one of two things will happen from here...
Either miners will eventually start dropping out as some have to be operating at a loss at current bitcoin prices...
Or
The price will start to go back up and start trending towards that hashrate line.
As we can see on that chart above, prices tended to peak about the time they caught up to the hashrate during the last bull market.
Some other factors to consider...
The cost of mining is an ever changing number with several variables...
It depends on electricity costs (which can vary wildly), mining equipment used, as well as the number of other miners competing... among other things.
So, it's tough to glean too much information from just looking at a chart like this.
However, as far as patterns are concerned, it is interesting to note that the gap tended to be widest near the 2015 lows, and now the gap is even wider during the current bear market...
Could that mean we are about to be on our way up again?
We soon shall see...
Stay informed my friends.
-Doc
I don't think you can read anything into this as it is still being manipulated and basically on hold until the institutions come in.I would love to think you are right, but just don't see it until they have the green light.
What do you mean?
I just believe the market has been manipulated and put on hold until the Bakkt exchange launches. With all the institution money involved ready to come in controlling the front end of the market would be simple for them. Bakkt has delayed the launch twice already and they need to keep Bitcoin quiet until they are ready and have the backing of the SEC.Those are my thoughts and could be totally wrong so we should wait and see. Manipulating the market is nothing new and with the experience they have backing them it wouldn't cost them a fortune with what is at stake.
Could be. CFTC is not close to approving from my latest readings.
I was hoping there was some news.
Not gonna be any time soon, I'm afraid.
Run Bulls Run 🐂🐂🐂
If history repeats...
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If I was already very convinced that this is the bottom, this is just another indicator that confirms that. I´m truly bullish and feeling the FOMO coming back.
Yep, another notch in the 'prices have already bottomed' belt.
Two words: Renewable energies... a large portion of miners nowadays are working on solar powered and hidro powered mining rigs, so the cost wouldn't matter to them. Just my 2 satoshis about this whole situation.
There are still costs associated with both, especially up front. Though I do agree that mining efficiency will continue to improve.
Interesting in realizing that despite the “bubble,” prices did not exceed it either! Imagine the upward price if it does by the same magnitude of the prior peak!
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Yep, that sure would be nice!
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forming the shape of bubble that's how bitcoin like to grow :)
Hopefully.