The fall of bitcoin does not discourage the cryptocurrency miners

It is still profitable enough for many players to stay still, defying price speculation.

A rising hash rate means that bitcoin mining is still profitable enough for many players to sit still, defying speculation that prices have fallen below break-even points. It may be a reflection of the sophistication that bitcoin mining has become after the 1,400 percent price increase recorded last year.

In theory, a rising hash rate should raise the price because it means that the cost of each token is higher. But now the computing power may be growing due to previous expansions of capacity, which are an irrecoverable cost for the miners and reflect higher previous prices.

It is also possible that miners sell more of their holdings as margins are reduced. "Hardware efficiency is rapidly increasing and costs are falling," researchers Christopher Bendiksen and Samuel Gibbons wrote. "The miners are guaranteeing access to highly competitive sources of electricity, often those that would otherwise be inactive, and show high degrees of mobility."

According to the muldial stock index, bitcoin would be in full recovery to achieve a market that is quite appreciated by the end of the third quarter of 2018.