Glassnode On Bitcoin Mining: Difficulty Reaches ATH, Profitability Decreases
The latest Glassnode report focuses on the topic of the day: bitcoin mining. While bitcoin’s price has been suspiciously flat for a while, the difficulty adjustment came in and registered an all-time high. Do the miners know something we don’t? Or is there a transfer of power going on behind the scenes? Glassnode poses a working theory on their latest The Week On-Chain. To begin with, Glassnode puts the difficulty adjustment into perspective: “Bitcoin hashrate has reached a new all-time-high of 242 Exahash per second. To give an analogy for scale, this is equivalent to all 7.753 Billion....
Related News
Bitcoin mining profitability is up 275% since before the May 2020 halving. Bitcoin mining operations are on the path to full recovery following the most dramatic short-term disruption in network history earlier this year, and miners are reaping the rewards in revenues. In its Oct. 4 Week on Chain report, on-chain analytics provider Glassnode reports that Bitcoin hashrate has largely recovered despite 50% of the network’s hashing power going offline in May following China’s crackdown on the sector. Hash rate measures the total computational resources of a Proof-of-Work network.Glassnode....
Bitcoin mining profitability is subject to a number of things and recently these factors have been affecting mining profitability, hence putting it under pressure. The amount of money miners are making from carrying out their activities are low, contributed by the growing hashrate, mining difficulty, and last but not least, the price of the digital […]
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—....
Bitcoin mining difficulty has been adjusting for a while now. With the hashrate falling as more miners go offline due to declining profitability, mining difficulty has been following pretty much the same trend. However, instead of falling the trend that was persistent through the last two months, the difficulty has been adjusting downward instead. Mining […]
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....