When the computing power of the entire Bitcoin network hit a new high, the entire cryptocurrency market was once again in turmoil, and people began to speculate on the future trend of Bitcoin prices. This time, the growth of Bitcoin computing power has once again plunged the market into a frenzy, and investors' eyes are full of infinite hope, but also accompanied by deep worries. So, where will the price of Bitcoin go? Let's explore it in depth.

Bitcoin's full network computing power has always been one of the focuses of market attention. With the continuous increase in mining difficulty, the growth of computing power has become a normal state. And when Bitcoin computing power hit a new high, the market's heat also rose. This phenomenon not only excited investors, but also triggered heated discussions about the future trend of Bitcoin prices.

In the past few years, Bitcoin prices have soared, setting new historical highs again and again. However, this price fluctuation has also made people begin to think about what is the true value of Bitcoin? Is it a digital currency, a safe-haven asset, or a speculative tool? This time, with the growth of Bitcoin computing power, market speculation on Bitcoin prices has heated up again.

Some analysts pointed out that the fluctuation of Bitcoin prices is closely related to its computing power. When the computing power of Bitcoin grows rapidly, the market tends to experience waves of ups and downs. Behind this phenomenon, there may be a deeper causal relationship. As a decentralized digital currency, the price of Bitcoin is affected by many factors, and computing power is only one of them.

In addition to computing power, the price of Bitcoin is also affected by multiple factors such as market supply and demand, macroeconomic environment, policies and regulations. In recent years, with the increasing instability of the global economy, the attribute of Bitcoin as a safe-haven asset has become more prominent. This also provides certain support for the stability of Bitcoin prices.

However, market fluctuations remind us all the time that the future of Bitcoin prices is full of uncertainty. Investors need to remain vigilant and face the various changes in the market rationally. After all, investment is not achieved overnight, and it requires patience and careful choice.

In general, the growth of Bitcoin computing power will undoubtedly have a certain impact on prices, but its specific trend depends on market performance and investor choices. Whether it is bullish or bearish, we should remain calm, face it rationally, and seize every investment opportunity. The future of Bitcoin is in our own hands. Let us look forward to seeing where the price of Bitcoin will go.

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According to Decrypt
September 8, data from blockchain analysis company Glassnode showed that Bitcoin's total network computing power hit a new high. Computing power is a measure of the computing processing power of the Bitcoin blockchain. In order to maintain the integrity of this decentralized system, miners must perform complex mathematical calculations quickly. During the Bitcoin mining process, the verified transaction block will receive a new hash value and be added to the blockchain.

Bitcoin's computing power is on the rise. Image source: Glassnode.

Bitcoin's computing power has now exceeded 140 EH/s, an increase of nearly 10% from the 129 EH/s reached last month.

2020 has been a positive year for Bitcoin, with Bitcoin's total network computing power reaching 105
EH/s in the first week of January this year. However, computing power has also experienced two declines, falling to lows of 95 EH/s and 91 EH/s on March 16 and May 4, 2020, respectively.

The impact of computing power on Bitcoin prices

When Bitcoin computing power rises, people usually discuss whether Bitcoin prices will rise accordingly. This is because miners are expected to respond to the increase in hashrate by holding onto their coins rather than mining new ones. This in turn gives Bitcoin momentum, pushing up the cryptocurrency's price.

However, this correlation doesn't always work out. This chart from BitInfoCharts shows that Bitcoin's price can fluctuate wildly despite little change in the hashrate. Ingo
Fiedler, co-founder of Blockchain
Research Lab, told Decrypt that other factors such as lending infrastructure, market sentiment, and miner competition can all have an impact on Bitcoin's hashrate. He said:

"The maturing lending market has enabled miners to borrow more funds at lower rates to cover mining expenses and hardware equipment losses. This has been driven by the rise in Bitcoin prices over the past month and generally more optimistic market sentiment."

"This additional financing capacity expands the space for miners to adopt strategies in the competition to gain market share." He went on to add.

Hashrate growth is a boon for blockchain security. The higher the hashrate of the Bitcoin network, the more secure the blockchain. If someone were to try to disrupt or attack the chain, they would need to control at least 51% of the global computing power, and this becomes increasingly unlikely as computing power rises.