Around 10:30 AM Eastern Time, the price of Bitcoin broke through $66,000 and climbed to $66,500 in the following hours, reaching its highest point since August 1st this year. Analysts believe this may be related to China’s fiscal stimulus policies and the upcoming U.S. election on November 5th. “Historical data suggests that October’s seasonal strength in crypto markets is typically weighted toward the latter half of the month,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC, wrote in a note.
$66,000 is seen as a key level for Bitcoin in the short term. If it can stabilize above this price, the long-awaited bull market may soon be realized. The current price increase has provided comfort to BTC miners, who have suffered for too long from the high mining costs after the halving and the unclear market trend. Many have persisted in mining Bitcoin without profit, or even at a loss, out of faith in BTC. It is also because of the belief that a major bull market is imminent that the current network hash rate continues to rise. From historical experience, if the current price trend is maintained and miners continue to invest more hash power, we may well be on the verge of a significant increase.
If you want to learn more about the future trends and investment plans for POW cryptocurrencies, including BTC, consider following Blockchain Life 2024, which will be held on October 22, 2024. At that time, Tether’s Chief Executive Officer Paolo Ardoino, TRON founder Justin Sun, CEO of Dubai Blockchain Center Dr. Marwan Alzarouni, and other leading figures will attend, bringing insiders’ news and more money-making secrets to miners for the first time. SC MINER will also participate in this grand event, bringing our hottest products and mining services that can create more profits for you to our miner friends, looking forward to meeting you at Blockchain Life 2024!
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Enclosure: The main topics of the mining industry at the Blockchain 2024 conference
- Mining in 2024-2025. Which devices and solutions to choose? Overview of the most promising devices and payback periods.
- When to buy and sell mining equipment? Mining cycles.
- Coins for mining. Which coins to mine in 2024-2025 and when to sell them.
- The Middle East and UAE as a new mining hub. Africa’s perspective. Overview of the best countries for mining in the coming years.
- Green mining. Prospects, markets, best regions.
- Private mining in 2024-2025. Is there a future?
- Alternative mining and its prospects.
- Mining pools: Is it worth using their services?
