3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%

3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%


China’s ongoing crackdown on Bitcoin (BTC) mining resulted in a mass relocation of mining operations out of the country and it has led to a more than fifty percent drawdown in the Bitcoin network hashrate from an all-time high of 197.9 exahash per second (ehash/s) on April 15 to its current rate at 97 ehash/s. 

Bitcoin network mean hash rate. Source: Glassnode

One token that was hit especially hard by the hashrate drop was the Bitcoin Standard Hashrate Token (BTCST), a project that collateralized the Bitcoin hashrate with each token representing 0.1 TH/s of Bitcoin mining power.

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Data from Cointelegraph Markets Pro and TradingView shows that BTCST recently began to show signs of recovery after its price rallied 57% from a low of $13.57 on July 18 to an intraday high at $27.38 on July 19 as the Bitcoin hash rate begins to stabilize near 100 ehash/s.

BTCST/USDT 4-hour chart. Source: TradingView

Three reasons for the recent boost in BTCST include increased earnings

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