Bitcoin price increased more than 10% in the last week

Bitcoin price

Bitcoin and the major cryptocurrencies are on the rise as of April 26th, with Dogecoin, Ethereum Classic, IOTA, Tezos, and Cardano being the winners of the day.

Bitcoin price increased more than 10 % in the last week

For many people, this week was particularly favorable for the ecosystem of the most important cryptosystems, as in the case of Bitcoin, for example, the price has risen steadily over the last few days, so that the figure on 26th April this year was over $7,600.

Bitcoin surpasses USD 7,600 on April 26

Let’s start by looking back at the performance of Bitcoin (BTC), whose price at 9:30am (New York time) is around $7,636 per unit and was registered this Sunday morning, April 26th, a rise of only 0.68% compared to yesterday.

Although the price of the digital currency has remained stable over the past 24 hours, if we look at the market’s performance over the past week, we have seen Bitcoin rise by more than 10% since Monday, April 20th. At that time, the digital currency was trading at around $6,857, after suffering a slightly sharp drop of at least $400.

Although the price of Bitcoin began to recover over the days, the moment that generated the most excitement among investors was in the afternoon of April 23rd, as the digital currency rose by more than $300 in just two hours, and its value was very close to $7,500.

Experts and analysts point out that this upward trend of last week could continue in the coming days, precisely because of the proximity of the halving of Bitcoin, scheduled for May 12 this year. This event is expected to cut the profit margin for the mining community, a measure to protect and promote the value of the digital currency in the coming years, especially by reducing the existing supply in the markets.

Ether and crypt main coins on the rise

Like some kind of domino effect, the reaction, which was reflected in the price of Bitcoin, was also present in the major crypto-currencies of the ecosystem. Moving in the same order of ideas, we have the case of Ether (ETH), the digital currency of the Ethereum network, which is quoted at around $197 USD at the time of issue, with an increase of only 1% in the last 24 hours.

But the most significant increases among the most popular crypto-currencies are Dogecoin (DOGE), Ethereum Classic (ETC), IOTA (MIOTA), Tezos (XTZ) and Cardano (ADA) with values equivalent to about USD $0.002 (+7.7%) / USD $6 (+4.9%) / USD $0.17 (+2.94%) / USD $2.82 (+2.23%) and USD $0.04 (+2%).


Drop in the price of bitcoins pushes the miners to leave the network


Last December, Bank of America (BofA) published a report stating that Bitcoin is the most successful investment of the last 10 years and that investors who invested $1 in 2010 now have $90,026. In the report, the BofA experts discussed among other things the best and worst investment efficiency investments of the last 10 years. The question is whether Bitcoin is still a good investment today.

Drop in the price of bitcoins pushes the miners to leave the network

Apparently not, because the miners are also leaving the network. They were preparing to halve Bitcoin. The Bitcoin miners, especially in China, have been hit hard by the drop in Bitcoin prices. According to the Bitcoin F2Pool mining pool data, the majority of the mining pools have experienced a sharp drop in hashing rates on their platforms. Remember that the hash rate is the amount of processing power that Bitcoin miners spend to extract new Bitcoin.

The crypto exchange, the Huobi Mine Pool, has seen the largest decline in hash rate with a 26% loss last week. 1THash is not far behind with a 20% drop. Larger mining pools recorded a smaller decline in the hash rate. F2Pool recorded a decline of 12%, Poolin of 18% and of 10%. According to Medien Decrypt, the hash rate in the Bitcoin world, in general, decreased from 136 million TH/s (Tera-Chop per second) to 103 TH/s.

“Most of the hash rate losses came from China, I know this from our own customers, and I have seen many Chinese pools (with older machines) lose their hash rate. The Chinese miners who are best prepared with S9 [Antminer] have sold large quantities of S9 in the last months, mainly to countries where energy is even cheaper, like Russia and the Middle East, etc. “Most of the loss of hash rate came from China, I know this from our own customers, and I have seen how many Chinese pools (with older machines) have lost their hash rate.
” said Thomas Heller, sales manager of F2Pool.

Bitcoin is currently valued at $5411, and it is announced that e-money will continue to decline. The main problem is that falling prices have made mining less profitable. The profitability of bitcoin mining has dropped to $0.09 per TH, an 80% drop from the recent high of $0.44 reached in July 2019. “These are extremely difficult times for miners,” Heller said. This decline in activity is certainly good news for the environment and the climate.

In fact, the consumption of electrical energy by Bitcoin’s mining activities has reached a critical threshold and has therefore begun to raise countless issues related to global warming. In October 2018, scientists concluded that Bitcoin could very well lead to chaos in twenty years’ time by raising the global temperature above the critical threshold. They fear that if Bitcoin is introduced at rates similar to other technologies, such as credit cards, it could raise global temperatures by 2°C in less than two decades.

The conclusion comes from a study published in the journal Nature Climate Change in 2018. “Bitcoin is a Kryptoney with high hardware requirements, which obviously translates into a high demand for electricity,” said Randi Rollins, Master’s student at the University of Hawaii at Manoa (UH Manoa) and co-author of the study. In addition, another United Nations report on climate change stated that a temperature increase of more than 1.5°C would have irreversible and catastrophic effects on the climate. And the idea that Bitcoin alone could raise the global temperature by 2°C within two decades due to mining goes beyond mere concern.