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The Weekly: Hash Rate Soars Back To Life
The Weekly: Hash Rate Soars Back To Life
Hash rate soared back to life, rising more than 40% from the recent lows! | THE WEEKLY – ISSUE NO. 31November 12, 2020 |
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This week's major crypto events: - The Bitcoin hash rate soared back to life, rising more than 40% from the recent lows, as large farms in China completed their seasonal migration and brought their hardware back online.
- Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday that it was critical for the Fed to work on developing its own CBDC in the months and years ahead.
This week's major legacy events:
- EU's central bank president, Christine Lagarde will speak twice this week, first on Wednesday and again on Thursday, outlining the EU's current monetary forecast and strategy to continue fighting the ongoing COVID-19 outbreak.
- EUR will announce their GDP QoQ and YoY figures on Friday, with expectations of a 12% growth QoQ and a -4.3% contraction YoY.
| | | The sun will always rise in the East and set in the West, just as miners in China will migrate their farms between wet and dry season. As mentioned in our previous issue, the seasonal transition of miners has been completed and the hash rate is returning to previous levels, which is also a relief as the mempool was hitting yearly highs as the difficulty plummeted, trapping large batch of transactions in limbo. We focus on identifying early trends, and while we spoke about this last week, we believe it is important to hammer in how significant these movements are. Yes, node operators are as essential to the network as miners, however, running nodes is not a multi-billion dollar business. Tracking the distribution and growth of the hash rate is important for investors and traders as it presents massive opportunities. If we understand and accept that hash rate is migrating to the U.S., it is a safe bet that U.S. & Canadian mining firms will do well as their operations scale up. It may be time to bring back the weekly Miner Update, as we expect some large seismic shifts in the mining industry over the next few quarters as North America based companies, fueled by capitalism and a mandate to decentralize the network further ramp up their operations, and thus, company revenues. Read about this and more in The Weekly - Issue No. 31.
In This Issue:
BTC/USD - W (BNC: BLX)ETH/USD - W (GEMINI: ETHUSD)US DOLLAR – W (FX: USDOLLAR)SPX500USD - W (OANDA: SPX)XAUUSD - W (OANDA: XAUUSD)Gem HuntersGem Hunters ExtendedDeFi Checkup
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| DISCLAIMER This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document. Past performance is not indicative of future results.
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