{"id":180515,"date":"2021-08-31T13:30:36","date_gmt":"2021-08-31T08:00:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=180515"},"modified":"2021-08-31T12:30:47","modified_gmt":"2021-08-31T07:00:47","slug":"heres-why-accumulating-miners-expect-bitcoin-to-cross-48000","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/heres-why-accumulating-miners-expect-bitcoin-to-cross-48000\/","title":{"rendered":"Here&#8217;s why &#8216;accumulating&#8217; miners expect Bitcoin to cross $48,000"},"content":{"rendered":"<p>China&#8217;s crackdown on crypto mining triggered a <a href=\"http:\/\/ambcrypto.com\/xrp-bitcoin-cardano-price-analysis-19-may\/\" target=\"_blank\" rel=\"noopener\">sharp fall<\/a> in Bitcoin&#8217;s hashrate and price earlier this year, panicking traders worldwide.\u00a0In spite of this, analysis by CryptoQuant\u00a0<a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1432238696326057986\" target=\"_blank\" rel=\"noopener\">showed<\/a> that the Bitcoin hashrate was recovering &#8220;nicely&#8221; and that miners were still in net accumulation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;BTC hashrate recovers nicely, and miners are still in net accumulation&quot; by <a href=\"https:\/\/twitter.com\/venturefounder?ref_src=twsrc%5Etfw\">@venturefounder<\/a> <\/p>\n<p>Read more in Quicktake\ud83d\udc49<a href=\"https:\/\/t.co\/Dp12gJ7knA\">https:\/\/t.co\/Dp12gJ7knA<\/a> <a href=\"https:\/\/t.co\/FXN89lgitJ\">pic.twitter.com\/FXN89lgitJ<\/a><\/p>\n<p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1432238696326057986?ref_src=twsrc%5Etfw\">August 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This development is crucial for traders, investors, and Bitcoin hodlers to note. A steadily increasing hashrate and the miners&#8217; net accumulation are both signs that miners believe the coin&#8217;s price will rise. Venture Founder&#8217;s analysis also showed miners have been collecting inventory <a href=\"https:\/\/cryptoquant.com\/quicktake\/612bcfc11e9124747086368a-BTC-hashrate-recovers-nicely-and-miners-are-still-in-net-accumulation?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=venturefounder\" target=\"_blank\" rel=\"noopener\">since June 2021<\/a>.<\/p>\n<p>The analyst who goes by the name, Venture Founder <a href=\"https:\/\/cryptoquant.com\/quicktake\/612bcfc11e9124747086368a-BTC-hashrate-recovers-nicely-and-miners-are-still-in-net-accumulation?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=venturefounder\" target=\"_blank\" rel=\"noopener\">stated<\/a> on\u00a0CryptoQuant ,<\/p>\n<blockquote><p>&#8220;This shows that BTC miners are at least expecting BTC prices to go higher than $48k in the future. BTC hash rates (are) also in recovery as former Chinese miners begin mining again overseas.&#8221;<\/p><\/blockquote>\n<p>However, traders did not match the optimism of miners. Santiment just\u00a0<a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1432019906682257409\" target=\"_blank\" rel=\"noopener\">recorded<\/a> a plunge to below-zero levels in its BTC Weighted Sentiment value. The metric <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1432019906682257409\" target=\"_blank\" rel=\"noopener\">suggested<\/a> this was due to traders getting &#8220;restless&#8221; after Bitcoin fell from $50,000. Yet Santiment remarked that negative commentary could help lead to a &#8220;bounce.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\ude0e Now six days since <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> crossing over (and then crossing back) $50k, traders appear to have gotten restless with the lack of return back to this coveted psychological price. Commentary has turned negative again, which is a solid recipe for a bounce. <a href=\"https:\/\/t.co\/GlmCoff9Cw\">https:\/\/t.co\/GlmCoff9Cw<\/a> <a href=\"https:\/\/t.co\/BcfhTMnq9G\">pic.twitter.com\/BcfhTMnq9G<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1432019906682257409?ref_src=twsrc%5Etfw\">August 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">In addition to this, Bitcoin recently <\/span><a href=\"https:\/\/twitter.com\/Bitcoin\/status\/1430330768811642885\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> on Twitter that its miners had moved more than 40% of the hashrate all over the planet in just a few months with \u201cno disruption of the network.&#8221;\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> miners successfully migrated 40%+ of the hashrate around the world in a few months with no disruption of the network.<\/p>\n<p>&mdash; Bitcoin (@Bitcoin) <a href=\"https:\/\/twitter.com\/Bitcoin\/status\/1430330768811642885?ref_src=twsrc%5Etfw\">August 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">China\u2019s hostility towards Bitcoin miners had caused the country&#8217;s <\/span><a href=\"https:\/\/cbeci.org\/mining_map\"><span style=\"font-weight: 400;\">average monthly hashrate share<\/span><\/a><span style=\"font-weight: 400;\"> to dive from 72.98% to 46.04% in little more than a year, according to the Cambridge Bitcoin Electricity Consumption Index. After this, the USA and Kazakhstan both emerged as new havens for migrating miners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average monthly hashrate share of the <\/span><a href=\"https:\/\/cbeci.org\/mining_map\"><span style=\"font-weight: 400;\">USA<\/span><\/a><span style=\"font-weight: 400;\"> was 16.85% in April 2021. This was thanks to the stability of its dollar, less regulatory interference, and even <\/span><a href=\"http:\/\/ambcrypto.com\/nasdaq-listed-powerbridge-to-start-mining-bitcoin-and-ethereum\/\"><span style=\"font-weight: 400;\">Nasdaq-listed companies<\/span><\/a><span style=\"font-weight: 400;\"> joining the mining race.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the fossil fuel and <\/span><a href=\"https:\/\/www.timesca.com\/index.php\/news\/26-opinion-head\/24089-kazakhstan-a-future-without-coal\"><span style=\"font-weight: 400;\">coal-rich<\/span><\/a><span style=\"font-weight: 400;\">\u00a0Kazakhstan saw an <\/span><a href=\"https:\/\/cbeci.org\/mining_map\"><span style=\"font-weight: 400;\">average monthly hashrate share<\/span><\/a><span style=\"font-weight: 400;\"> of 8.19% in April 2021 compared to 1.42% in September 2019. Though Kazakhstan currently regards cryptocurrency as a <\/span><a href=\"https:\/\/www.caspianpolicy.org\/kazakhstan-cashing-in-on-cryptocurrency-opportunities-and-challenges-for-the-worlds-third-largest-bitcoin-miner\/\"><span style=\"font-weight: 400;\">property<\/span><\/a><span style=\"font-weight: 400;\">, it\u00a0<\/span><a href=\"https:\/\/www.caspianpolicy.org\/kazakhstan-cashing-in-on-cryptocurrency-opportunities-and-challenges-for-the-worlds-third-largest-bitcoin-miner\/\"><span style=\"font-weight: 400;\">permitted<\/span><\/a><span style=\"font-weight: 400;\"> mining equipment to be imported without taxes. <\/span><span style=\"font-weight: 400;\">At last count, <\/span><a href=\"https:\/\/chambers.com\/articles\/the-legal-regulations-and-perspectives-of-cryptocurrency-in-kazakhstan\"><span style=\"font-weight: 400;\">17 official mining farms<\/span><\/a><span style=\"font-weight: 400;\"> were operating in Kazakhstan.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s crackdown on crypto mining triggered a sharp fall in Bitcoin&#8217;s hashrate and price earlier this year, panicking traders worldwide.\u00a0In spite of this, analysis by CryptoQuant\u00a0showed that the Bitcoin hashrate was recovering &#8220;nicely&#8221; and that miners were still in net accumulation. &quot;BTC hashrate recovers nicely, and miners are still in net accumulation&quot; by @venturefounder Read<a href=\"https:\/\/ambcrypto.com\/heres-why-accumulating-miners-expect-bitcoin-to-cross-48000\/\">Continue reading <span class=\"sr-only\">&#8220;Here&#8217;s why &#8216;accumulating&#8217; miners expect Bitcoin to cross $48,000&#8221;<\/span><\/a><\/p>\n","protected":false},"author":48,"featured_media":180520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,44,66,3,4,20],"tags":[],"class_list":["post-180515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Here&#039;s why &#039;accumulating&#039; miners expect Bitcoin to cross $48,000 - AMBCrypto<\/title>\n<meta name=\"description\" content=\"CryptoQuant showed the Bitcoin hashrate was recovering and that miners were still in net accumulation.\u00a0This is crucial for investors. 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