Bitcoin

<a href="https://ultramining.com/news/en/luxor-innovates-with-extended-contracts-and-daily-settlements-for-enhanced-bitcoin-mining/">Luxor</a> Technology's recent analysis shows that <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> forwards are trading in contango, with prices consistently above the spot <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a>. The difference is widening this week, indicating traders' optimism for the next six months.&nbsp; according to <a href="https://ultramining.com">Ultramining</a>. 
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 <img src="https://lh7-us.googleusercontent.com/4_VQBILp0ken3EQ0P9s4mkg-WmhLbYc53V68T34VeNXe2wInQNYTOYzMbAVP7BYtywC07h_KiN57zUghBsoAHJhErB3z04GowtSuNRWlzysG0PwBPG4Xj5cNqYKbhDk-MYoPSNlt3Be_75UiuUvv7V8" alt="">
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As of May 20, 2024, the spot hashprice stands at $52.41 per PH/s/day, while forward prices are higher across the board. For example, May forward prices are at $53.88 and $53.00 for June. By October, forward prices reach $54.25. In Bitcoin terms, this equates to 0.00080 BTC per PH/s/day for May, rising slightly to 0.00081 BTC by October. 
Traders are betting that the recent low in hashprice has passed. This sentiment is evident as forward prices remain elevated above the current spot rates. The contango structure, where future prices are higher than the present, suggests confidence in a rising hashprice trend. 
This trend indicates potential profitability for miners, as higher future prices can lead to increased revenue. The forward curve's upward trajectory supports the view that the market expects improved conditions. As the market anticipates a sustained increase, miners and investors may see this as a favorable time for strategic planning and investment in mining operations.

Traders Bet on Higher Hashrate Prices for the Next Six Months

Ultramining_Eng

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