Following the news of the Bitcoin hashrate on the rise after declining towards the end of 2018, Country Manager at Luno, Magdalena Golebiewska gives her insights into the future of Bitcoin and what this increased hashrate means for the cryptocurrency.
“It’s great to see that at the start of 2019 the Bitcoin hashrate is now on the up following a slight dip at the end of 2018. This indicates that miners are now coming back into the market which can only be seen as positive for investors after Bitcoin and other cryptocurrencies declined towards the end of last year. With less than 4 million bitcoins left to mine and the reward being halved from 12.5 to 6.25 per block in May 2020, I’m hopeful that we will see the hashrate continue to increase for the foreseeable future.
Hashrate is one of the key indicators of the Bitcoin’s network strength and with the hashrate now again on the increase, I hope this indicates a positive movement for Bitcoin in the near future with its price following its growing hashrate and also confirms the long term view among investors and miners.”
Luno is a leading global cryptocurrency company on a mission to upgrade the world to a better financial system. With over 2 million customers (wallets) spanning 40 countries, Luno’s products and services make it safe and easy to buy, sell, store and learn about cryptocurrencies like Bitcoin and Ethereum.