CryptoQuant Founder: Bitcoin hash price hits historical low, some mining companies have switched to mining other PoW coins for hedging
CryptoQuant founder and CEO Ki Young Ju posted on social media that the hash price of Bitcoin has hit a historic low. Many mining companies have slowed down their investment in mining machines, with some companies turning to other PoW currencies to hedge against market uncertainty. Hash price is a term created by Bitcoin mining service company Luxor, referring to the expected value generated per day per 1 PH/second or 1 TH/second of computing power. This indicator quantifies the benefits miners can expect from a specific amount of computing power.
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