Gemini’s Tyler Winklevoss points out the fact that Bitcoin’s hashrate starts to rise, and he says that few people understand the meaning of this.
Few understand this. https://t.co/rZxE9vgdXK
— Tyler Winklevoss (@tyler) July 16, 2021
According to official data coming from TrustNodes, Bitcoin’s hashrate has risen to 120 exahashes per second for the first time since it plunged last month.
Just to make it very clear, that’s more than double the recent low of 58 exahashes with the hashrate seeing an upwards trend for the past three weeks.
“That suggests a significant amount of hashrate based in China has relocated or otherwise turned back on in a fairly short amount of time,” the same notes say.
The notes also say that we still have to wait and see whether this will be reflected in the price of Bitcoin as well. We suggest that you check out the complete notes in order to find out all the available details about the matter.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $31,430.08.
Bitcoin in the news
Bitcoin has been making lots of headlines lately, with the mass adoption of the king coin under the spotlight mostly.
Earlier today, it’s been reported that Jack Dorsey revealed something that’s really bullish for the crypto space. It has Bitcoin as the main character, as you will see from his announcement below.
It’s been reported that Square creating a new company focused on non-custodial, permissionless, and decentralized financial services with a primary focus on Bitcoin.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
Dorsey made sure to point out the fact that this will be done completely in the open.