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What do hashrate and mining difficulty have to do with the price?

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I see these mentioned from time to time alongside bullish predictions for the price, but what is the actual relationship between them and the price? Can someone Eli5?

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

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