With only about two million Bitcoin tokens left to mine, blockchain analysts believe that all of them will be released over the next 100 years or so. The difficulty in the mining algorithm is programmed to increase as more tokens are mined; moreover, there is also the exponential increase of BTC transactions because of fundamental events such the token becoming legal tender in countries such as El Salvador.

The current Bitcoin mining situation suggests that miners are currently in a holding pattern, which means that they are accumulating their earnings and holding onto them. With no clear intention to sell and exchange their mining profits into fiat currency such as the United States dollar or the euro, and this could be good news for traders.

Even when BTC/USD almost reached $70K last year, blockchain data analysis showed that accumulation had become a trend among miners. This is one of the reasons some market analysts do not think that $100K BTC price projections are far-fetched.

Bitcoin prices are driven by the current hash rate and the current mining power. As the Bitcoin blockchain becomes more powerful and miners are encouraged to sell the BTC in order to be able to sustain their operations, the value of the currency will increase exponentially. The next chapter will show how the blockchain will become a global payment and transfer channel which will be driven by the current hash rate, mining power, the network’s transactions and other fundamental events that will be happening in the future.

The hash rate for Bitcoin keeps on increasing day by day, as more and more miners are joining the network. It is estimated that by the end of this year, Bitcoin blockchain will contain at least 200 million blocks. These blocks will be added to the blockchain every 10 minutes. The hash rate that the miners have to use to process the transactions will be constantly increasing, as Bitcoin miners are continuously being awarded new coins. However, the mining algorithm is also being made more difficult, which means that new miners are not able to easily profit from their investments, as new miners have to spend more to compete with the older miners.