• Bitcoin’s hashrate has been growing at a steady pace for over a year. 
• Hash ribbons pointed out a good buying opportunity, while BTC’s RSI remained oversold.

Over the last year, Bitcoin [BTC] has witnessed steady growth in its mining ecosystem as its hashrate continued to increase. In fact, the blockchain’s mining difficulty recently reached an all-time high. While concerns remain related to energy consumption, BlackRock, a leading investment management company, showed confidence in BTC’s mining sector. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin’s mining sector has potential

Recently, BlackRock became the second-largest shareholder in the four top Bitcoin mining firms. This clearly meant that the investment management company saw potential in BTC’s mining sector and had high expectations. The firm has recently increased its attention in the crypto space, and the recent developments reflect its confidence in BTC’s future.

BREAKING:

BlackRock is now 2nd largest shareholder in 4 biggest Bitcoin mining firms

— Whale (@WhaleChart) August 27, 2023

Actually, BTC’s hashrate was already on the rise for years. Coinwarz’ chart revealed that its hashrate graph has gone up substantially over the last year. At press time, Bitcoin’s hashrate stood at 354.43 EH/s.

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Author: Dipayan Mitra

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