Hashrate Rush Limerick
Despite the market being at a low the hashrate for bitcoin is at a high. There is a suggestion that this follow with a huge spike in price. For those who are unaware the hashrate is how much power is being used to mine bitcoin and people are mining it for a reason.
Bitcoin has been declining,
the bears have been dining,
if it was all a bubble,
and the price won't double,
why are people still mining?
And here is a link for more info:
http://bitcoinist.com/bitcoin-hashrate-hits-time-high-price-follow/
The hash rate has been quite high for a while now surprisingly. I just do honestly hope this translates to a spike in the prices as well.
Yeah, the hashrate actually never declined despite the huge downward spiral Bitcoin has been on. Lets hope it recovers a bit the next coming weeks.