[Bitcoin Now] Over 14% Increase in 4 Days... Rising Mining Participation

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The cryptocurrency market is reviving as Bitcoin prices have risen more than 14% in four days.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:10 a.m. on the 13th, Bitcoin was priced at $22,203 (approximately 30.52 million KRW), up 1.45% from the previous day.

Bitcoin prices, which were in the $19,400 range on the 9th of this month, surged to the $21,000 range on the same day and continued to rise thereafter. The U.S. stock market also rose, with the tech-heavy Nasdaq closing at 12,266.41, up 154.10 points (1.27%) on the 12th (local time), and expectations that the upcoming U.S. Consumer Price Index (CPI) report would show a slowdown in the inflation rate influenced the market.

As Bitcoin prices have been on the rise since the 9th of this month, the cryptocurrency market is gaining momentum. First, participation by Bitcoin miners is increasing. The hash rate, which is the computational power used for Bitcoin mining, has been on an upward trend. According to data from the cryptocurrency mining information site CoinWarz, the hash rate rose 33.85% from 189.63 exahashes per second (EH/s) on the 9th to 253.83 EH/s on the 13th. The hash rate is designed to increase when mining profitability rises and competition among miners intensifies. Unlike before, when the average Bitcoin mining profit and loss fluctuated, from the 9th of this month, Bitcoin prices have been higher than the average mining cost, driving the hash rate increase.

As the prices of Bitcoin and other cryptocurrencies rose, the total cryptocurrency market capitalization recovered to $1 trillion, and the amount of deposits in DeFi (decentralized finance) also increased. According to the DeFi analytics platform DeFiLlama, total DeFi deposits amounted to $59.6 billion (approximately 81.83 trillion KRW) on the 12th. Although this was a 1.66% decrease from the previous day, it was more than 4% higher than the $57.27 billion (approximately 78.62 trillion KRW) recorded on the 7th, before the cryptocurrency price increase.

This content was produced with the assistance of AI translation services.