• The Bitcoin hashprice has decreased, indicating a possible rebound for the coin.
• BTC was not trading near its premium, and a buying opportunity seems to have appeared.

Quantified as the amount a miner can expect to earn from block subsidy and transaction fees, the Bitcoin [BTC] hashprice has historically influenced the coin price. While BTC’s price has increased significantly since its inception, the hashrate has subsequently decreased.

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This relationship led on-chain analyst Woominkyu to check out the current situation between the BTC and the hashprice. Woominkyu, in his CryptoQuant publication, noted that the decrease in hashprice, could be connected to the energy costs and a hike in competition in the mining industry. 

BTC: Ready to bounce back?

The analyst, while referring to history, noted that a signifcant decrease in Bitcoin hashrate lays the ground for price rebound. At press time, the metric had significantly reduced. Therefore, he concluded that.

“Given the current circumstances, a resurgence in Bitcoin and hash price would not be out of the ordinary, and could be expected in the near future.”

For a while, miners have been cashing in on their BTC holdings. At the same time, they’ve enjoyed an increase in fe

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Author: Victor Olanrewaju

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