Bitcoin’s Computing Power Usage: Is It All Bad?

If we make a comparison for 2017 and 2018 we can see that the amount of computing power used for creating new coins, skyrocketed as high as the price of bitcoin did.

When the price of bitcoin reached almost $20.000 in December, many new miners started adding their computing power to the bitcoin network. What is very interesting is that despite the huge drop in bitcoin’s price this year, the hash rate didn’t stop growing. It even increased by more than 80% in the last couple of months.

This very well means that miners aren’t turning away from bitcoin. Also, when we see that the hash rate is always climbing or at least standing in one place but doesn’t go down, this is good news for the future price of bitcoin.

According to Thomas Lee, the price of bitcoin will reach a stunning $25.000 by the end of this year. His predictions are based on the repeated historical trading price. Other experts also believe this will be the case.  For example, Bart Smith, the head of the trading giant Susquehanna International Group said on one occasion that bitcoin is the best cryptocurrency to own and use today because of its functionality.

Also, Julian Hosp, president of the crypto wallet TenX, believes that the price of bitcoin can reach almost up to $60.000 because of rising in interest in bitcoin, press, and media.

Of course, not all experts are on the same side. Nobel Prize Winning Joseph Stiglitz who is an economist by profession, believes that regulation will terribly influence cryptocurrencies and that bitcoin can drop to even as low as $100 in less than 10 years.