This is confirmed by the data released by all the major analysis companies, the Bitcoin hash rate has marked a new historical high and 2020 has just started; understandably, this has sparked the enthusiasm of bitcoiners both because this implies that the network is strengthening and because many are convinced that an increase in the hash rate corresponds to an increase in the price.
This theory, however, can easily be questioned by comparing the price trend and that of the hash rate in the second half of 2019; while in fact the computing power expressed by the network continued to grow (with a small setback in the third quarter) the price moved in the opposite direction.
However you want to see it, however, there is certainly an important figure regarding this new record and it is that it arrives at a time of the year when mining, due to the end of the rainy season, in the region Chinese Sichuan tends to slow down heavily.
In the Sichuan region a large part of the global hash rate is concentrated, this is because from March to October, with the rainy season, there is an abundance of low electricity cost and this makes mining particularly profitable which, in fact, is particularly concentrated in this area.
The fact, therefore, that the bitcoin hash rate touched a new historical high already in the first days of January inevitably implies that when the mining activity in Sichuan returns to full speed with the spring, the calculation power expressed by the network will literally go to stars.
All this, moreover, will take place in conjunction with the bitcoin halving, the halving of the reward of the miners who, to date, have always coincided with the beginning of strongly bullish cycles in the market; if all of this were not always enough in the same period, close to spring, a stock market crash could occur, something which Bridgewater (the largest hedge fund in the world) is convinced that has bet the beauty of 1 billion dollars on a collapse by next March.
If all this were to happen, bitcoin prices could easily skyrocket thanks to the joint action of the stock market crash (by March 2020), to the hash rate surge due to the beginning of the rainy season in Sichuan (April 2020) and Bitcoin halving (scheduled for mid-May this year); in practice within three months the ideal conditions for bitcoin would be created, a scenario with very strong bullish connotations that could send the price to touch a new historical maximum.
In the meantime, the community hopes for new reductions in the short term in order to take advantage of the opportunity to accumulate even more BTC at balance prices; in short, let's get comfortable because it seems that this year we will see some good ones.
