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Bitcoin Price Prediction 2019 : New Decentralization Mechanism to be big for Bitcoin

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Bitcoin Price Prediction 2019 : New Decentralization Mechanism to be big for Bitcoin

According to Canaccord, a wealth management company from Canada, Bitcoin (BTC) mining has diversified and became more decentralized.

Canaccord keeps a track on the digital currency and blockchain sectors along with the financial operations. The track records show that the Bitcoin’s hash rate has increasingly wide distribution in the previous five years. The marketplace is becoming competitive making the largest crypto currency less vulnerable and difficult to attack.

Bitcoin Price Prediction 2019

Several mining pools are contributing to network transaction processing of Bitcoin currently and the number is significantly increasing since 2014. The Canaccord data shows that in 2014, half of the market was controlled by the Ghash.io pool. After five years, it is observed that a single pool controls up to 19% of hash rate.

Bitcoin Price Prediction 2019 : New Decentralization Mechanism to be big for Bitcoin

Credits: Mining

Which is the current largest stakeholder?

Antpool is the current largest stakeholder, which belongs to the Bitcoin mining giant Bitmain. Over the past year, the company has had mixed fortunes and its mining sphere share has reduced correspondingly.

Mining pools statistics vary according to different sources. While Blockchain.com shows the share of Antpool at 10.5%, Bitaps on the other hand represents it closer to 8.5%.

Since November, Bitcoin’s hash rate has shown improvement. At that time, Bitcoin prices showed a downturn causing miners to reduce their activity over profitability woes.

Bitcoin Price Prediction 2019 : New Decentralization Mechanism to be big for Bitcoin

Credits: USS Saratoga

Bitcoin price has seen lots of ups and downs in the recent past. Even though the mining pool contribution is rapidly increasing, there is no such surety yet that it will continue to experience a rise in prices.

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Source: Yahoo Finance, Coin Telegraph

Mitansha Chopra
I am currently pursuing law in Delhi and has been into content writing for a while now. I am also a poet and like to express myself through words.

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