As the Bitcoin (BTC) hash rate continues to go through the roof, Borroe ($ROE) is mimicking the cryptocurrency’s early success through its presale. In fact, 37.64% of the $ROE, Borroe’s governance token, has already been purchased in Stage 1.
Since trust is one of the primary challenges in crowdfunding because investors put their money where their mouth is, Borroe intends to make the fundraising process efficient, safe, and transparent through blockchain and artificial intelligence (AI).
Therefore, Borroe wants to tame the pain point of getting liquidity in the Web3 space by fostering a peer-to-peer ecosystem, where Web3 content creators can easily sell their future recurring revenue non-fungible tokens (NFTs) to get the much-needed cash.
$ROE offers these payment solutions because it is the gateway to all the features available in the fundraising marketplace.
Why is the Bitcoin hash rate important?
Hash rate on the Bitcoin network continues to soar after surpassing 390 EH/s. In the last 24 hours the hash rate had surged by 14.29% to hit 398.039 EH/s, according to BitInfoCharts.
As an essential metric that shows the computational power of the BTC network, an increase in hash rate shows it is more difficult to mine BTC because more mathematical computations have to be solved.
Therefore, it illustrates that the Bitcoin ecosystem is more secure than ever because no one controls at least 50% of the overall computational power.
Hash rate also plays an instrumental role in showing resilience in a network. As the BTC hash rate surpasses 390 EH/s, it means that the blockchain is more secure and robust because its integrity cannot be compromised.
What does this mean for miners?
An increase in hash rate means that miners have to outdo each other to produce Bitcoin and this increases their overall expenses based on the difficulty endured.
For instance, they have to bear the cost of additional resources, such as powerful and robust mining machines. Therefore, the tradeoffs undertaken include selling the Bitcoin mined though it’s a delicate balancing act because a drop in price means miners have to sell more coins.
The Bitcoin Mining Council estimates that the hash rate on the BTC network has increased by more than 70% on a year-over-year (YoY) basis.
Bitcoin needs to hold the $29,250 zone for a bullish momentum
As Bitcoin continues to range between the $29K and $30K zone, market analyst Rekt Capital believes the top cryptocurrency ought to hold the $29,250 area if an uptrend to $30,000 is to be repeated.
Rekt Capital stated, “A BTC weekly close below $29, 250 could activate this brewing double top. The weekly bearish divergence also adds confluence. The BTC weekly close above $29, 250 as well as an RSI break of the downtrend are crucial to regaining bullish momentum.”
Source: RektCapital
BTC hit a two-week high on August 8 after breaching the psychological price of $30,000 thanks to heightened open interest. Coinglass data showed that Bitcoin Futures Open Interest rose to $14.53 billion before this price surge.
Nevertheless, the leading cryptocurrency has retraced back to the $29,300 level, and crypto analyst Michael van de Poppe believes it has to fight crucial resistance at the $29, 691 to $29,799 zone.
Source: MichaelvandePoppe
Bitcoin was hovering below $30,000 at press time.
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