Amid all the difficulties facing bitcoin mining companies in the throes of a bear market, the mining industry could be primed for a recovery, gckaloudis writes in this week’s Crypto Long & Short newsletter.
, rising some 8% over the week to a new all-time high this morning.” On Oct. 7, hashrate was around 260 exahash/second. That marks a ~24% increase over the last three months. Due to the increase in hashrate, the Bitcoin network is set to make it harder to mine bitcoin.
On top of that, creative ideas, like rural micro-hydro plants that mine bitcoin in Kenya, are cropping up and the injection of creativity into the space gives me optimism. To cap it off, the network’s hashrate is growing quickly in spite of the fact that bitcoin’s price isn’t really exploding – typically a higher bitcoin price would encourage more people to mine since the rewards are potentially greater. So instead of miners simply piling into the network in a quest for massive gains in bitcoin, they are joining because it is a prudent business decision now that the network has proven staying power.
Not to mention, October is a historically positive performing month for bitcoin, so bitcoin trading in a tight band between $19,000-$20,000 might not last very long.
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