Bitcoin mining difficulty set for 8-month record gains despite BTC price dip
Bitcoin network fundamentals seem not to care about spot price weakness, with both difficulty and hash rate making an impressive recovery. Bitcoin (BTC) may have hit six-week lows of under $20,000 but its network fundamentals are anything but bearish.The latest on-chain data shows that, far from capitulating, hash rate and difficulty are making snap gains.Data supports "doozy" difficulty jumpDespite being down around 7% in a week, BTC/USD is not putting off miners, who have recently exited their own multi-month capitulation phase.Now, with hardware and competition returning to the network,....
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Mining difficulty on the network rose by 8.9% today while the hash rate is more than 130 EH/s. The price of Bitcoin has reached a two-year high of more than $19,000 and fallen below $17,000 more than once in the span of a week as mining difficulty continues to rise.According to on-chain analytics provider Glassnode, Bitcoin (BTC) mining difficulty increased by 8.9% today, putting the metric within 5% of its all-time high value set last month. #Bitcoin mining difficulty increased by 8.9% today. It is now only 4.4% below its ATH. Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc—....
Mining difficulty passed 20 trillion Saturday morning.
Bitcoin network hash rate hit a new record high, seeing a 400% increase since the mining ban by China last year. The hash rate of the Bitcoin (BTC) network hit a new ATH, even when the price of the top cryptocurrency struggled to get past the $40K mark.The network's hash rate hit a new record high of 258 EH/s on Thursday before settling around the 220 EH/s mark. The recent rise in the BTC network hash rate signifies the growing number of miners on the blockchain. The bitcoin network hash rate has grown more than 400% since the Chinese crypto mining ban last year when it fell below 70....
Bitcoin price has been trading sideways in the past weeks, significantly declining from the $29,000 support. This bearish pattern spread panic among traders but has not deterred miners. Instead, Bitcoin mining participants appear to have increased. This is evident in the increased mining difficulty, which soared to a new record high. According to available data, Bitcoin mining difficulty surged 6.17% in the last week, alongside a spike in network activity on August 22. Bitcoin Mining Difficulty Spikes Up Amid Nosediving Prices While BTC price tanked by over 10% in a 7-day period, miners’....
After bitcoin prices took a hit following Tesla’s recent u-turn, Bitcoin’s mining difficulty jumped over 25 trillion, the highest the metric has seen during the protocol’s lifetime. The mining difficulty spike follows the recent 12% difficulty drop the network experienced two weeks ago. Bitcoin’s Mining Difficulty Jumps to 25 Trillion, Could Hit 30 Trillion in Two Weeks After some issues with the Xinjiang grid in China three weeks ago, the overall SHA256 hashrate used by the Bitcoin (BTC) network dropped considerably. This in turn caused the BTC network’s....