Bitcoin's hashpower increases as China sees reduction in new coronavirus cases

Hash rate jumps to new record

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March 4, 2020    Bitcoin's average hashpower — computational resources devoted to mining new data blocks — reached a record high of about 117.5 exahashes per second (EH/s) over the past week, up about 5 percent from where it had stagnated for the prior month, according to data from Poolin, one of the world's biggest mining pools.  The processing power is growing slowly as major Chinese miner manufacturers are gradually resuming business after the coronavirus outbreak delayed shipments. Some observers, such as the popular analyst Max Keiser, say that price follows hash rate. So far, however, that correlation has failed to play out.  The cryptocurrency's corrective bounce from recent lows near $8,400 ran out of steam above $8,900 earlier this week. Currently, bitcoin is changing hands at $8,730, down nearly 17 percent from the high of $10,500 set in February. Price gyrations have a significant impact on mining profitability. A sustained slide often hurts small and inefficient miners, forcing them to shut down operations, leading to a drop in the hash rate.  Bitcoin Remains in a Recovery Mode BTC: Price: $8,730 | Market cap: $159 billion | 24-Hr Volume: $37.10 billion Trend: Bearish Bitcoin is struggling to defend the 200-day average at $8,720 at press time.  That MA is widely considered a barometer of long-term market trends and tends to attract buying or selling pressure, depending on the direction in which it is breached.  Therefore, a drop to the recent low of $8,410 could be seen if sellers succeed in establishing a strong foothold below the average support. Alternatively, a strong bounce from the average line would open the doors to resistance at $9,075 (Feb. 4 high).  Its worth noting that the bullish doji reversal pattern or the case for corrective bounce will remain valid as long as the support at $8,410 is held intact.  Read Analysis Kyber Network Token Falls Back to Earth Following Coinbase Listing (Decrypt) The Kyber Network (KNC) is the latest recipient of the Coinbase effect, its price skyrocketing in recent days but now down more than 5 percent. Bitcoin’s Computing Power Is Growing Again After Coronavirus-Related Disruption​​​​​​​ (Coindesk) The bitcoin network’s processing power is growing again as major Chinese miner manufacturers resume shipments following coronavirus-related delays. Facebook Weighs Libra Revamp to Address Regulatory Concerns (Bloomberg) Facebook is considering redesigning the Libra cryptocurrency project so that the network accepts multiple coins. Bitcoin's Price Will Always Be Too Expensive if You Don’t Believe in Its Revolution (Medium) Bitcoin will always be too expensive if you’re one of those people who don’t fundamentally believe in it. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences here.