After briefly touching below $10,000 on September 11, Bitcoin appears to be again gathering momentum, adding nearly $300 to its value in the last day. Bitcoin currently sits at $10,340 after clawing back some last week’s losses.
Most other top 10 cryptocurrencies are also experiencing slight gains, though Bitcoin is currently leading the charge after gaining 2.7% in the last 24 hours.
Over the last month Bitcoin has broken up towards $11,000 several times, only to fall back down to the $10,000 mark. Its trading volume has remained roughly constant in the last month, with around $15 to $20 billion in Bitcoin changing hands every day.
Although Bitcoin is clearly having difficulties gaining value, the same cannot be said for its hash rate. Since the beginning of the year, the Bitcoin network has seen its hashrate go sky-high, climbing from 41 EH/s up to its current value of 98 EH/s. This means that the network is more secure against possible attacks.
The rising hashrate could also bring Bitcoin’s halving—where the new supply of coins gets cut in half—even closer. It’s currently set to occur in May, 2020 but some in the community reckon it could happen sooner.
And mining giant Bitmain is doing everything it can to keep the number of miners going up. Its new Antminer s17 mining unit sold out within minutes. Miners must see clear skies ahead.