This was another turbulent week in the value of Bitcoin. However, this week was substantially better for those invested in the long term viability of mining. The currency hit a short term bottom this week of $65.42 and then promptly rebounded to a high of $104.17 today.
The escalation of price is important to continue investment into the mining aspect of the Bitcoin network which provides the network stability while rewarding the miners with Bitcoins themselves.
Bitcoin Market Review
The Bitcoin market itself has recovered nicely from a weekly capitalization $774M to gain the money back and return to capitalization levels of $992M.
One important aspect to note is the quick increase in total network hashrate. Within this weekly period the network power has increased from 168 TH/s to 195 TH/s. This represents a 16% growth in only 1 week...Amazing!!
Bitcoin pricing chart (click to enlarge)
The escalation of price is important to continue investment into the mining aspect of the Bitcoin network which provides the network stability while rewarding the miners with Bitcoins themselves.
Bitcoin Market Review
The Bitcoin market itself has recovered nicely from a weekly capitalization $774M to gain the money back and return to capitalization levels of $992M.
One important aspect to note is the quick increase in total network hashrate. Within this weekly period the network power has increased from 168 TH/s to 195 TH/s. This represents a 16% growth in only 1 week...Amazing!!
Bitcoin pricing chart (click to enlarge)
Bitcoin Market
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