Slight Bitcoin problem improve anticipated, however Texas warmth might influence hash price

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Fast Take

Based on Newhedge information, Bitcoin’s problem is ready to regulate tomorrow at round 9 am GMT on Might 23, with a slight improve anticipated, slightly below 1%. This adjustment is critical because it follows the current Bitcoin halving. The earlier adjustment noticed the largest problem drop since 2022 attributable to a decline within the hash price, which fell roughly 12% from peak to trough.

Nonetheless, the hash price has been on a slight upward development since early Might, now averaging round 600 EH/s on a 7-day transferring common, in response to Glassnode.

Hash Price Adjustment % Change: (Supply: Glassnode)

The hash worth can be rising, at present at about $56 per PH/s, although it stays significantly decrease than the $100 per PH/s stage seen earlier than the halving, in response to information from Luxor. Luxor’s Q1 report signifies that ahead contract costs are buying and selling in contango by means of October.

Bitcoin Hashprice Index: (Supply: Luxor)

Regardless of this optimistic forecast, the hash price usually stagnates or drops throughout summer season attributable to warmth waves, notably in Texas, the place a lot of it’s based mostly.

3-month forwards Power Prices: (Source: Bloomberg, matthew_sigel)
3-month forwards Energy Costs: (Supply: Bloomberg, matthew_sigel)

This summer season, electrical energy merchants anticipate a big spike in Texas energy costs, a priority echoed by Matthew Sigel, head of digital property analysis at VanEck, who means that the hash price might face downward strain.

Sigel says:

“3-month forwards at the moment are over $200/MWh (20¢/kWh). Because of this, some suppose the #bitcoin hash price could also be underneath strain this summer season & backside in August/September after the Texas energy peak”.

The submit Slight Bitcoin problem improve anticipated, however Texas warmth might influence hash price appeared first on CryptoSlate.



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