While Bitcoin’s hash rate is improving, recent reports from crypto data suppliers CryptoQuant and Glassnode suggest that Bitcoin miners are continuing to accumulate Bitcoin mining equipment.
According to a certified CryptoQuant analyst, they expect Bitcoin will surpass the $48,000 barrier and maintain its current value, and as a result, they have been purchasing mining equipment since June, despite the crypto mining prohibition in China and several other countries..
In the interim, the hash rate of Bitcoin has been steadily increasing
Bitcoin is expected to rise above $48,000, according to miners. As reported by CryptoQuant, Chinese cryptocurrency miners have restarted their operations after relocating outside of China to nations such as Canada and Kazakhstan.
Because the Chinese authorities began witch-hunting bitcoin miners and shutting them off from surplus energy at the country’s power centres in May, the hash rate of bitcoin has been steadily increasing since then.
According to data given by BitInfocharts, the hash rate of the major cryptocurrency has just recovered to the level of 132.3511E (as of 29 August), indicating that miners have returned to the process of confirming transactions.
CryptoQuant expert adds that miners are regarded as “smart money speculators” because their ability to forecast the direction of the Bitcoin price has a significant impact on their profitability.
They’ve been purchasing mining equipment since June of this year. According to the expert, they were anxious to get back to work since they expected Bitcoin to rise in value later on.
“BTC hashrate recovers nicely, and miners are still in net accumulation” by @venturefounderRead more in Quicktake👉https://t.co/Dp12gJ7knA pic.twitter.com/FXN89lgitJ— CryptoQuant.com (@cryptoquant_com) August 30, 2021
Additionally, the Glassnode chart has suggested that Bitcoin is currently experiencing a significant increase in demand for accumulation.
