Is Helium Going to Zero? HNT Price Drops 5% While New Mining Project Reaches $5.6 Million Milestone

Publikováno: 21.12.2023

Helium Network – the leading decentralized internet of things provider – has undertaken a sudden -5% HNT price drop as price retraces from break-out footing, leaving some traders asking ‘is Helium going to zero?’. This comes amid sensational market hype around the long-running Helium Network project, following the launch of the new Helium Mobile product […]

The post Is Helium Going to Zero? HNT Price Drops 5% While New Mining Project Reaches $5.6 Million Milestone appeared first on Cryptonews.

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Helium Network – the leading decentralized internet of things provider – has undertaken a sudden -5% HNT price drop as price retraces from break-out footing, leaving some traders asking ‘is Helium going to zero?’.

This comes amid sensational market hype around the long-running Helium Network project, following the launch of the new Helium Mobile product – which offers US-based Web3 users the opportunity to utilize the Helium network for mobile calls and data (a new initiate known as $MOBILE).

With the dust now settling from the excitement, and as the Helium community shift into HIP proposals to design the future of $MOBILE – price action is ticking down.

HNT Price Analysis: As Helium Network Enters Retracement – Is HNT Going to Zero?


As price action pushes south, Helium Network is currently trading at a market price of $7.96 (representing a 24-hour change of -6.04%).

This comes in the midst of the second-day of downwards price action, after Helium price rejected from a local high at $9.5.

Now in a -16% retracement move, it could be seen that tumble in HNT price is a health and much needed retracement from over-extended rally price action.

Indeed, looking at the month-long rally structure, major retracements and consolidations in early December and last weekend set the stage for a continuation of strong technical rallying.

This coincides with a lagging 20DMA (which remains below the current trading channel at $5.62).

Further warning signs emerge from the RSI indicator, which is still displaying severe bearish divergence at 71.82 despite the ongoing retracement move.

While the MACD is continuing to display strong bullish divergence with a reading at 0.2488.

Overall, HNT price looks reasonably strong here, with the ongoing retracement well-defended and reflecting previous rally behaviour – this could set the stage for a fourth rally leg.

HNT price is left facing an upside target at $10 (a potential +26%).

While downside risk could see HNT price fall marginally to $7 (a possible -11.74%).

Helium Network therefore carries a current risk: reward ratio of 2.22 – a good entry characterised by growing upside reward, and certainly not going to zero anytime soon.

But while traders speculate on whether Helium can continue rallying, a more strategic play could emerge from the Bitcoin Minetrix presale.

HNT Price Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $5.65M Raised


Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$5,653,876 raised.

Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$5.7M In The Crosshairs: Bitcoin Minetrix Surges Past $5.65M As Markets Rush To Bitcoin Cloud Mining


Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).

This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.

The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).

Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.

But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over HNT Price Retracement:

  • Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
  • Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
  • Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
  • Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
  • The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $5.64m raised towards its $6M goal. At a competitive price of just $0.0123 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

Buy BTCMTX Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The post Is Helium Going to Zero? HNT Price Drops 5% While New Mining Project Reaches $5.6 Million Milestone appeared first on Cryptonews.

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