August 16th- August 23rd, 2020
Welcome to our 3rd weekly recap for August.
Bitcoin’s seven-day average hash rate has reached a new all-time high of 130 exahash per second (EH/s) – a feat that might positively influence the asset’s price, while adding to the fundamental strength of the Bitcoin network.
Torrential downpours of nonstop rain have been wreaking havoc in China’s Sichuan province, which has caused some operations to shut down ASIC mining devices. Reports from the region show that certain areas have seen electrical shortages and the aftermath is causing quite a bit of stress for Chinese bitcoin miners.
On Tuesday, Coinshares Investment strategist James Butterfill published a report which shows that bitcoin is a unique asset, but is “largely uncorrelated to other asset classes” like commodities and traditional stocks.
- Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks are failing to meet this demand.