New Mining Difficulty Metrics Lead to a Bitcoin Price of $ 31K in 2021

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New Mining Difficulty Metrics Lead to a Bitcoin Price of $ 31K in 2021

The price of Bitcoin (BTC) will reach $ 30,000 during the current price cycle, according to new data based on current BTC mining difficulties.

Published by well-known analyst PlanB on September 10, a statistic combines the price of Bitcoin as a percentage of the lowest difficulty level, along with the number of blocks since the last lowest level.

The difficulty is a measure of how difficult it is to find a hash under a given target. Simply put, this measures the complexity of the equation that miners must solve to validate the Bitcoin transaction block.

This can act as a life of what proportion competition there's among Bitcoin miners to search out consecutive block, the upper the competition, a lot of incentives for the increasing issue.

According to PlanB, Bitcoin has experienced several cycles of difficulties in its history, each time the price goes up in order of magnitude less relative to the last low difficulty level.

Stabilization means that at the end of 2013, Bitcoin high price of $ 1,300 represented an increase of 50,000% compared to the last difficulty level. Meanwhile, at the end of 2017, the increase to $ 20,000 jumped around 9,000%.

According to the PlanB analysis model, the next peak will still be lower - around 1,000% or around $ 31,000 in 2021. When the last difficulty reaches its base in December 2018, BTC / USD trades at $ 3,100.

"WBB market," fellow Bitcoin social media partner, Parabolic Trav, commented on PlanB's findings.

On the other hand, previously, new data showed that 40% of millennials prefer to invest in crypto assets in the event of a recession.

According to news released by Cointelegraph on September 10, the multi-asset investment platform and social network eToro cite a generation investment survey conducted from July 18 to July 31 among 1,000 online investors in the United States. Respondents between the ages of 20 and 65 represent Generation Z, Millennial, and Generation X.

The survey found that more than two-thirds of US-based investors fear recession, and will consider turning a portion of their stock portfolio into safer investments or hedging assets such as crypto, commodity or real estate assets.

Source: inforexnews.com