Bitcoin Mining Has Never Been More Competitive Even as BTC Loses 13% in August

Bitcoin difficulty completes its biggest upward readjustment since January, with the average hash rate targeting new all-time highs. Market news

Data from on-chain monitoring resource BTC.com confirms that on August 31, Bitcoin's network difficulty reached new all-time highs.

Despite recent BTC price declines, Bitcoin's network fundamentals tell a bullish story as August draws to a close.

Difficulty and hash rate increase, reflecting miners' belief in the long-term profitability of participating in the network. This also suggests that the mining sector is absorbing a decline in benefits relative to costs in the short term.

Difficulty, which added 9.26% in its automated readjustment on August 31, is now at an all-time high. Competition among miners is healthier than ever.

For comparison, the last time the difficulty increased more than once was in January (9.32%), and before that, in August 2021 (13.24%).

According to BTC.com, the hash rate now stands at an average of 221 exahashes per second (EH/s), a hair's breadth from its highest ever average reading of 223 EH/s just before the Terra LUNA implosion in May.< /p>

Bitcoin (BTC) fundamentals have generated a 'welcome bullish' that research suggests is trumping a typical bear market.

“I personally think that the more hashrate comes from the US, the more we will see a new yearly seasonal trend like we used to in China. i.e. warm months reduce hashrate / help stabilize the grid, the cold months increase the hashrate”, analyzes Jason Deane.