Bitcoin’s (BTC) rising hash rate has taken a dip this week, according to in blockchain market analyst Glassnode.
In this week’s on-chain update on investor behaviour, BTC was seen to have dropped into its consolidation range near $40,000, a $5000 decrease from its $45000 resistance at the latter end of last month.
Glassnode’s research showed that the on-chain activity (an effective set of markers to determine BTC cycles) suggested that a portion of investors were profit-taking during the recent rally, with the report adding “we are yet to see a convincing influx of new users or demand”.
Daily active users appear to still be in the upper band of a six-year bear market channel, with BTC’s user base lacking evidence of strong growth or even recovery. As per Glassnode’s report, the active entity count also showed signs of a decrease, standing at 296,000 per day at the upper end of this channel.
There has been a considerable drop in transaction counts too, currently, at 225,000 per day, the figures show a relative decrease close to reaching all-time lows since last May, showing the lack of competition amid BTC traders for block space.
However, despite such fees plummeting to abysmal levels, the competition in the mining history seems to be thriving, continuing to set all-time highs.
Glassnode’s report explains the breakdown in its own words saying: “These figures are the equivalent to the earth’s population (roughly 7.938 billion people) each guessing a SHA256 hash 15.5 trillion times every 10 minutes to solve each BTC block”.
In the meantime, while we wait for BTC to reach higher hash rates, you can use digital currencies at numerous digital casinos, including 1xBit, FortuneJack and Bitcasino.io.