The Bitcoin network hashrate currently stands at 32 million terahashes per second. The hashrate decreased 35% over the past year, while the USD market value for Bitcoin decreased 82% from it’s previous highs.
A sustained decrease in hashrate which declines less compared to price leads a Bitcoin bull to conclude the existence of a continued strong mining community underpinning the BTC Network.
Long term confidence in the viability of BTC is demonstrated in the network as mining competition has decreased at a much slower rate and miners demonstrate continued confidence in the long term viability of the bitcoin blockchain.
When enduring a deep bear market that we are currently experiencing it’s important to keep a firm focus on long term fundamentals. Continued confidence by the mining community combined with an increase in Bitcoin wallet take-up (even in the midst of a savage decline) provide some comfort for long term Hodlers of BTC.
This article is for information purposes only. Neither Digital Finance News or the author are providing this as investment or trading advice or a recommendation to purchase or sell any cryptocurrency or any security. Investors should take independent advice before making trade or investment decisions.