Bitcoin and ASIC Miners’ Value Observe the Identical Trajectory: Evaluation

• Adam Again, co-founder/CEO of Blockstream, mentioned the costs of ASIC miners and Bitcoin typically correlate.
• The CEO famous that ASIC miners’ costs peaked within the 2021 bull market, the identical time as BTC. 
• The miners presently promote for underneath $15, however Again predicted the costs would rise as BTC worth grows.

Adam Again, co-founder and CEO of blockchain firm Blockstream, in a latest evaluation, mentioned the worth of Bitcoin and Bitcoin mining tools typically comply with the identical trajectory. Again pointed to historic knowledge to again up his claims. 

Certainly, the CEO within the submit mentioned ASIC miners and Bitcoin costs typically correlate. He famous that earlier than the 2021 Bitcoin bull market began, ASIC miners’ costs had been charting low as there was a scarcity of miners at that interval. 

Again mentioned, right now, individuals had been optimistic in regards to the future value trajectory of Bitcoin. Thus, when the rally began, the costs of the miners additionally took off, falling and rising because the digital asset charted by way of that bull market. 

On the identical time, Bitcoin set a brand new all-time-high, Again said that ASIC miners additionally hit their peak value of $120/Terrahash. Nonetheless, he continued by saying that demand for the machines has since dropped following the drop in BTC worth. 

At current, the CEO mentioned the machines that traded fingers for as excessive as $120 in 2021 are priced underneath $15/TH. He additionally mentioned the worth of the machines has stayed down regardless of Bitcoin gaining momentum this 12 months and wiping off earlier losses. 

Nonetheless, Again expressed his perception within the ASIC miners rising once more, which he predicted would occur as Bitcoin strikes deep into bull territory. He famous that the Halving scheduled to occur subsequent 12 months could also be a catalyst for a surge in BTC value. 

In response to the co-founder, Bitcoin costs typically go up six months earlier than the Halving. However whether or not that will be the case this time round, he mentioned he can’t absolutely predict but. In the meantime, the CEO had an optimistic prediction for Bitcoin just lately. Again predicted that the token might rise as excessive as $100K on the again of institutional adoption. 

Elsewhere, CoinMarketCap knowledge reveals Bitcoin continues to maintain its $34K degree, following a slowdown for the reason that begin of the week. Over the previous 24 hours, BTC has declined marginally to take a seat at $34,196 on the time of press.