RATE Group | Is Bitcoin’s Increasing Hash Rate a Bull Flag?
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Is Bitcoin’s Increasing Hash Rate a Bull Flag?

25 May Is Bitcoin’s Increasing Hash Rate a Bull Flag?

Posted at 20:49h in Bitcoin News by

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Is Bitcoin’s Increasing Hash Rate a Bull Flag?

Retracing from April’s recovery, May’s sub-$8000 Bitcoin may have injected a dose of FUD (fear uncertainty and doubt) into the crypto market. The coin’s climbing hash rate, however, may tell a different tale.

BTC continues to test lower support levels, appearing to cause a downwards lilt in sentiment as investors eye the coin’s retreat. Returning once more to the $7400-mark, BTC price reflects May’s declining cryptocurrency market capitalization.

Despite being engulfed in red, Bitcoin’s hash rate steadily climbs.

A glimpse into Bitcoin’s hash rate

Guessing at hundreds, thousands, or millions of calculations to solve a block — a mining unit’s hash rate reflects the number of guesses it can make in any given second when completing one of Bitcoin’s computational puzzles.

BTC hash rate
Inspecting Blockchain.info’s open-source chart, the hash rate has climbed patently since early December — unfazed by January’s retracement and declining market cap. In real terms, this represents…

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