Bitcoin hash rate grows by 40% over two days, and another billionaire reports buying bitcoin
Bitcoin hash rate up goes up 40% over two days
The computing power of the BTC network jumped about 30% on Monday and 46% on Sunday.
According to the Coinwarz service, on November 8, the indicator was 111 EH/s, and on Monday it rose to 164 EH/s. At the moment, the hash rate has dropped to 132 EH/s.
At the end of October, the metric dropped significantly after the end of the rainy season in China’s Sichuan province, where miners are using cheap hydroelectric power. Quantum Economics analyst Jason Dean suggested that the surge in capacity could be a sign that Chinese miners have completed the process of moving equipment from Sichuan to other regions of the country.
Another billionaire reports buying bitcoin
American billionaire Stanley Druckenmiller said he had invested part of the funds in bitcoins, but did not specify how much.
He compared cryptocurrency to gold and said that it has great appeal for millennials. According to the billionaire, bitcoin is getting stronger as a brand every day.
“I own many many more times gold than I own Bitcoin. But frankly if the gold bet works, the Bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it,” said the investor.
Druckenmiller’s capital is estimated at $4.4 billion. Earlier, he stated that BTC could never become a means of payment.