Bitcoin network's computing power: Is it an accurate predictor of BTC price?
Drops in Bitcoin's hash rate coincided with some big BTC price corrections in the past. Hash rate refers to the overall computing power involved in validating transactions on the Bitcoin (BTC) blockchain. As reported by Cointelegraph, more power suggests greater network security and interest in the profitability potential of mining Bitcoin.Hash rate a function of Bitcoin's valueA hash rate increase is often associated with the expectation of BTC price appreciation. Analysts found evidence that both the 2013 and 2016 bull cycles were marked by a rise in mining difficulty following the hash....
Related News
In the wake of falling bitcoin prices, critics are asking a familiar question, "What makes a bitcoin valuable?" There is a misconception that the Bitcoin Blockchain can be separated from bitcoin the currency, individual units representing a portion of the Bitcoin network. If a Bitcoin was worth $0, then a Bitcoin miner has no incentive to allocate their computing power to the Bitcoin network. The incentive for allocating computing power to process Bitcoin transactions is a payout in Bitcoin, collected via transaction fees or block rewards and distributed proportionally based on computing....
Press Release: With an ever-increasing demand for computing power, PORT Network launches the first dApp to merge both Cloud and Volunteer computing on the blockchain. 28th June 2021, Düsseldorf, Germany – The demand for increased computing power is growing at an exponential rate. Industries such as IoT, Pharmaceutical, AI, 3D Image Processing and Deep Learning […]
PRESS RELEASE. With an ever-increasing demand for computing power, PORT Network launches the first dApp to merge both Cloud and Volunteer computing on the blockchain. 28th June 2021, Düsseldorf, Germany – The demand for increased computing power is growing at an exponential rate. Industries such as IoT, Pharmaceutical, AI, 3D Image Processing and Deep Learning all require huge bandwidth in a non-restrictive and cost-efficient approach. This is where PORT Network seeks to break new ground. PORT Network is the first decentralized P2P application which unites both Cloud and....
It's difficult to think of the huge computing power dedicated to Bitcoin and altcoin mining, much higher than the combined computing power of the 500 most powerful supercomputers on the planet, without thinking that perhaps all that computing power should be put to good use. The Bitcoin network can be thought of a distributed supercomputer dedicated to a single computational task - maintaining the Bitcoin system itself - which is a very useful task by itself. But there are many distributed computing projects, such as Folding@home and SETI@home, dedicated to important scientific tasks,....
The PORT Network is breaking ground with a recent announcement, becoming the first decentralized P2P application to leverage the blockchain to unite Cloud and Volunteer computing. The network will increase the value of unused computation power; it will allow that power from both individuals and businesses to be sold for the PORT Network’s native token, […]