A bitcoin sign is seen in the main hall during the Bitcoin 2024 conference at Music City Center July 26, 2024 in Nashville, Tennessee.
On the plus side, the cryptocurrency rose 12% in the past seven days and the network hash rate hit an all-time high.
Hash rate refers to the collective computing power of all miners in the bitcoin network, and the recent high suggests there have never been more miners online, actively securing the network.
Institutional capital has poured in since the SEC approved spot bitcoin exchange-traded funds in January, and the bitcoin network is more robust than ever, held together by a vast and decentralized network of miners securing transactions with the help of large banks of machines.
The halving historically precedes a wave of bankruptcies among bitcoin mining firms, which are suddenly generating much less revenue with the same level of operating costs.
Persons:
it's, Jefferies, bitcoin
Organizations:
Music City, Investment, SEC
Locations:
Nashville , Tennessee