Bitcoin Predicted to Break 64,000 US Dollars in 2019 Upcoming
Analysts predict, the growth of bitcoin mining activity can push the price of cryptocurrency to the level of 64,000 US dollars.
Bitcoin is produced from a process called mining or 'mining'. Through the process, the computer will solve a complicated mathematical problem, and receive rewards in the form of cryptocurrency.
Meanwhile, the power used for mathematical formulation process is called 'hash power', predicted to grow 350 percent by 2019.
"We believe the current hash power growth can drive bitcoin prices up to 36,000 dollars by the end of 2019, with an estimated $ 20,000 to $ 64,000," said Head of Data Scince Reserch Fudstrat Sam Doctor.
On Thursday (10/05/2018), Bitcoin was trading at $ 9,300. While last year, cryptocurrency experienced a surge from 1000 US dollars to 19,000 US dollars. The concerns that arise over the regulatory uncertainty in cryptocurrency have made the value of this currency plummet this year.
Doctor said, the economic value of the mining process in bitcoin to be one thing that re-increase the price of cryptocurrency lately.
According to him, bitcoin miners or bitcoin miners have a tendency to hold bitcoin when prices plummet, and will re-sell when prices start creeping up to make a profit.
"The main factor supporting sales is bitcoin mining, then the other is an inter-investor transaction," said Doctor.
For information, 'mining' activities depend on several factors such as electricity, 'cooling' equipment, and hardware called rigs.
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