How does the hash rate affect Bitcoin price? The main drivers of Bitcoin’s price include computational power, mining profitability and network difficulty. Since miners are compensated in Bitcoin while incurring costs in local currencies, the hash rate follows the price. That said, the more computational power the Bitcoin network employs, the higher its value is. Moreover, rational miners are only willing to mine BTC if it is profitable, which implicitly means that any other cryptocurrency with no demand for it would have zero value and miners would redirect its resources elsewhere. Additionally, the network difficulty can be used as a …

Chinese giant cryptocurrency mining company Sfards Technology Ltd. announces it has started business operations. On October 20, Chinese cryptocurrency mining venture Sfards Technology Ltd. announced its ambition in becoming a leader in the industry while officially starting to operate, stated the company in a release. Sfards is funded by China's alleged largest holder of bitcoins and angel investor Li Xiaolai, as well as international VC firm Matrix Partners China. While the total funding amount hasn't been disclosed, Sfards is said to be China's first cryptocurrency mining firm to receive considerable funding. The new Beijing-based cryptocurrency mining solution provider is the …