Bitcoin's been sliding for six sessions now. Trading volumes are up, suggesting we might revisit that yearly low around $60K. Hash rate's still holding, though. It's more about security than trading right now, but still worth watching.
Hash Rate Drops and Bitcoin's Uncertain Future
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real_protoNewbie
Posts: 200 · Reputation: 14
#2Mar 11, 2020, 08:42 AM
Been around long enough to sense the weight of this situation. When a market drops over months, then shows a brief rally before tanking again, it creates a tough environment. Just look at Bitcoin now, breaking down through key support levels.
A solid indicator? Hash rate may drop below 100 TH. Price looks set to fall to around 49-52K. Recovery could take a while, and cheap BTC gonna be around for some time. Time for dollar-cost averaging.
wallet_oracleMember
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#4Mar 11, 2020, 11:55 AM
Definitely seeing that $60K retest coming. Short-term trend’s down, but I feel good about accumulating BTC for the mid to long term. The fundamentals seem strong, plus history shows hash rate drops recover, just like back in 2021.
Hold on. That 45% drop was more like 30% when we look closely. Back when it fell, price lingered above $9K before the actual drop. Hash rate actually climbed before price hit $60K. Your link between price and hashrate is shaky at best.
$60K? Used to think we'd hit $80K, but now looking at the charts, it’s showing signs of another potential crash. Gonna stick to the basics and buy low. Hoping for another cycle.
When miners got kicked out of China, they found new digs worldwide, mostly in the US. But if they get pushed out of the US too, then what? Who knows how long it’ll take them to relocate or what'll happen to the hash rate?
kevin_nodeFull Member
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#8Mar 11, 2020, 10:41 PM
As pooya87 pointed out, that late-Jan drop was mainly due to Winter Storm Fern hitting Texas, forcing miners to shut down. It’s not just capitulation. The hash rate climbed back after the storm passed while prices dropped.
Yep, that’s America for you. If you're smart and pay taxes, you’re not getting kicked out. Companies can pollute and just pay fines. Miners in the US should be fine.
wallet_oracleMember
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#10Mar 12, 2020, 05:15 AM
But let's not forget, the US doesn’t hold more than 43% of the mining hashrate now, while China had a firm grip back in 2021. Even when the hashrate dropped 50%, it bounced back. Bitcoin’s pretty resilient.
SwiftOmegaNewbie
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#11Mar 12, 2020, 10:28 AM
Totally agree. The hash rate drop isn’t as alarming as it seems. This happens from time to time due to regulations, power prices, etc. I think Alpen is overthinking it; Bitcoin is decentralized, and it’ll survive.
Even if legislation hits mining hard, other countries will step in to grab the chance. Plenty of places can convert wasted energy into mining profit. Hash rate might fluctuate, but Bitcoin's blockchain won't care.
I think the hash rate will keep dropping short-term. Many mining firms are shifting to data centers for AI. Bitcoin’s in a bear market and, as you mentioned, hash rate fluctuations depend on energy costs.
Bitcoin's in a bear market, which is just part of the cycle. We’ve seen this happen before, and historically it bounces back after these dips. Nobody knows what the future holds, but patience is key.