After a lengthy absence, I am back to update the current status of Bitcoin and provide my opinion of where Bitcoin is possibly heading.
Let's go back the the current status of Bitcoin. Where are we today?
Where are We Today - Bitcoin Pricing??
It appears that the price of Bitcoin rose between Oct 6-15 and has fallen for the past few days last week to around $300-350 range. While we have seen stability around $400.00 range for some time, falling below that threshold has caused some concerns. What does the future hold for Bitcoin pricing...It appears that Bitcoin continues to find stable pricing.
Bitcoin Network Capacity
The Bitcoin network capacity is 282.5PH/s this week and was approx 146.0PH/s just two months ago. Over the past two months, this a major indication of significant growth again in mining hardware investment.
So how has this mining investment impacted the difficulty? The Bitcoin difficulty has grown as follows 11.7B, 13.4B , 16.8B, 17.3B, 18.7B,19.7B, 23.8B, 27.4B, 29.8B, 34.6B, 35B ...Overall some modest gains in difficulty.
However, from a brief analysis it appears the average difficulty increase is slowing from 120% to 110% per update. Does this reduction in difficulty bode well for Bitcoin mining...As a result, this brings more predictable income for miners.
Let's go back the the current status of Bitcoin. Where are we today?
Where are We Today - Bitcoin Pricing??
It appears that the price of Bitcoin rose between Oct 6-15 and has fallen for the past few days last week to around $300-350 range. While we have seen stability around $400.00 range for some time, falling below that threshold has caused some concerns. What does the future hold for Bitcoin pricing...It appears that Bitcoin continues to find stable pricing.
Bitcoin Network Capacity
The Bitcoin network capacity is 282.5PH/s this week and was approx 146.0PH/s just two months ago. Over the past two months, this a major indication of significant growth again in mining hardware investment.
So how has this mining investment impacted the difficulty? The Bitcoin difficulty has grown as follows 11.7B, 13.4B , 16.8B, 17.3B, 18.7B,19.7B, 23.8B, 27.4B, 29.8B, 34.6B, 35B ...Overall some modest gains in difficulty.
However, from a brief analysis it appears the average difficulty increase is slowing from 120% to 110% per update. Does this reduction in difficulty bode well for Bitcoin mining...As a result, this brings more predictable income for miners.
Bitcoin Market Capitalization
The Bitcoin market capitalization was roughly stable at $7,8-8.1B, for the past few months but has fallen to $4.7B recently. It is unclear what has triggered this reduction in market capitalization due to subsequent price decreases.
2014 YTD Bitcoin Price - BTC-e
The Bitcoin market capitalization was roughly stable at $7,8-8.1B, for the past few months but has fallen to $4.7B recently. It is unclear what has triggered this reduction in market capitalization due to subsequent price decreases.
2014 YTD Bitcoin Price - BTC-e
3 Month Price - BTC-e
10 Day Price - BTC-e
What Happens Tomorrow - Bitcoin Pricing??
Will Bitcoin survive or thrive into 2015? That is a great question, one not possible to answer in this short posting. There is a shift from a large number of small players in the Bitcoin market to a small number of large players in the Bitcoin market. There is a concern that the decentralized nature of the Bitcoin market has now shifted to a more centralized nature of large players in the Bitcoin market.
For a great documentary overview of how Bitcoin developed and where it's going, please watch The Rise and Rise of Bitcoin documentary.
See IMDB here - http://www.imdb.com/title/tt2821314/
Will Bitcoin survive or thrive into 2015? That is a great question, one not possible to answer in this short posting. There is a shift from a large number of small players in the Bitcoin market to a small number of large players in the Bitcoin market. There is a concern that the decentralized nature of the Bitcoin market has now shifted to a more centralized nature of large players in the Bitcoin market.
For a great documentary overview of how Bitcoin developed and where it's going, please watch The Rise and Rise of Bitcoin documentary.
See IMDB here - http://www.imdb.com/title/tt2821314/
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