Bitcoin Mining Difficulty Sets For 8-Month Record Gains Despite Lower BTC Prices
Bitcoin network fundamentals don't seem to care about spot price weakness, difficulty and hash rate making impressive rally .
Market news
Bitcoin (BTC) may have hit a six-week low below $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 quick gains.
Data supports "doozy" difficulty jumpDespite falling around 7% in one week, BTC/USD is not putting off miners, who recently emerged from their own months-long capitulation phase.
Now, with the return of hardware and competition to the network, fundamental indicators are firmly in "up only" mode as August draws to a close.
This is best exemplified by the difficulty – an expression, among other things, of the scale of competition between miners for block grants – which is expected to increase by around 6.8% next week.
According to data from on-chain monitoring resource BTC.com, this will be the highest upward difficulty adjustment since January this year.
Not only that, but if the 6.8% increase materialized, the difficulty would reach new all-time highs.
“We could see a difficulty jump high enough to establish a new (or nearly new) ATH in a few days,” Bitcoin mining consultancy Blocksbridge predicted in the latest edition of its regular newsletter, “
Bitcoin network fundamentals don't seem to care about spot price weakness, difficulty and hash rate making impressive rally .
Market news
Bitcoin (BTC) may have hit a six-week low below $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 quick gains.
Data supports "doozy" difficulty jumpDespite falling around 7% in one week, BTC/USD is not putting off miners, who recently emerged from their own months-long capitulation phase.
Now, with the return of hardware and competition to the network, fundamental indicators are firmly in "up only" mode as August draws to a close.
This is best exemplified by the difficulty – an expression, among other things, of the scale of competition between miners for block grants – which is expected to increase by around 6.8% next week.
According to data from on-chain monitoring resource BTC.com, this will be the highest upward difficulty adjustment since January this year.
Not only that, but if the 6.8% increase materialized, the difficulty would reach new all-time highs.
“We could see a difficulty jump high enough to establish a new (or nearly new) ATH in a few days,” Bitcoin mining consultancy Blocksbridge predicted in the latest edition of its regular newsletter, “
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