Bitcoin mining power increases by 500%
Bitcoin mining has increased by more than 500% since it hit $US1,200 in December, according to an analysis by cryptocurrency mining website CoinMarketCap.
The average price for the cryptocurrency in the past week is more than $US15,000, according the analysis.
“It is the most bullish trend we have seen in over a year,” said Michael Belsky, CEO of CoinMarket, in a statement.
CoinMarket’s analysis of CoinDesk’s data found that the average price of Bitcoin in the first week of the year was up to $US6,400.
That is more or less equal to the average monthly price for a bitcoin since January.
The chart below shows the Bitcoin price on CoinDesk since January 12.
Source CoinDesk/CoinMarketCapThe data shows a dramatic increase in Bitcoin mining activity since December, with the average volume of mining in the last month reaching 1,066.2 BTC (a little over $US17 million).
The data also shows that the cryptocurrency’s price has been on a constant upward trend since it peaked at more than US$US1.5 million in late 2015.
“In 2016, the market cap of the Bitcoin had a peak at more like $US4.2 billion,” said Mr Belski.
“Now it’s up to more than double that.”
CoinDesk is a financial technology news site that uses Bitcoin to track and understand cryptocurrencies and blockchain technology.
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