Last week the EU voted against a ban on PoW cryptomining, a move that came as a relief to Europe's burgeoning bitcoin mining community.
The past 7 days have been a welcome respite for risk-on assets. Bitcoin is up 8% week-on-week to $42.8k and, having moved in tandem with the cryptocurrency for the past several months, Nasdaq 100 has seen a 9% appreciation. Bitcoin was trading as high as $43.2k before fresh hawkish comments from the Fed dampened progress. Speaking at a conference yesterday, Fed Chair Jerome Powell stressed that the central bank is willing to act aggressively to curb inflation — suggesting upcoming rate hikes could be higher than the market anticipates.
Network hashrate is bouncing back from February's slowdown. The 14-day moving average is up to 204 EH/s, bearing down on mid-February's 206 EH/s all-time high. Difficulty, adjusted down slightly last week to 27.5T, is set to respond sometime next week with a forecasted 4% increase. Strong prices and flat difficulty have meant hash price is up week-on-week, touching $0.20.
Last week the EU voted against a ban on PoW cryptomining, a move that came as a relief to Europe's burgeoning bitcoin mining community. As the perils of instability manifest themselves to miners in the likes of Kazakhstan and Russia, perceived stability and regulatory friendliness in the USA and the EU are ever more appealing. Stable mining is happy mining.