{"id":548540,"date":"2023-08-23T12:30:39","date_gmt":"2023-08-23T12:30:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548540"},"modified":"2024-06-11T07:01:59","modified_gmt":"2024-06-11T07:01:59","slug":"bitcoin-mining-difficulty-hits-new-all-time-high-as-btc-price-moves-sideways","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-mining-difficulty-hits-new-all-time-high-as-btc-price-moves-sideways\/","title":{"rendered":"Bitcoin Mining Difficulty Hits New All-Time High As BTC Price Moves Sideways"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin price<\/span><span style=\"font-weight: 400\"> has been trading sideways in the past weeks, significantly declining from the $29,000 support.\u00a0<\/span><span style=\"font-weight: 400\">This bearish pattern spread panic among traders but has not deterred miners. Instead, Bitcoin mining participants appear to have increased.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is evident in the increased mining difficulty, which soared to a new record high. According to available <\/span><span style=\"font-weight: 400\">data<\/span><span style=\"font-weight: 400\">, Bitcoin mining difficulty surged 6.17% in the last week, alongside a spike in network activity on August 22.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Mining Difficulty Spikes Up Amid Nosediving Prices<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While BTC price tanked by over 10% in a 7-day period, miners\u2019 confidence remains at its peak. <\/span><span style=\"font-weight: 400\">According to <a href=\"https:\/\/btc.com\/stats\/diff\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from btc.com, this uptick marks the sixth-largest increase in Bitcoin mining difficulty in 2023. <\/span><span style=\"font-weight: 400\">For context, Bitcoin mining difficulty measures the difficulty and time it takes to solve a complex cryptographic puzzle.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/all\/avax-network-activity-down-will-the-planned-token-unlock-bring-back-the-energy\/\" target=\"_blank\" rel=\"noopener \">AVAX Network Activity Down \u2013 Will The Planned Token Unlock Bring Back The Energy?<\/a><\/p>\n<p><span style=\"font-weight: 400\">The Bitcoin network adjusts mining difficulty periodically depending on the number of miners onboard. The next difficulty <\/span><a href=\"https:\/\/www.coinwarz.com\/mining\/bitcoin\/difficulty-chart\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">adjustment date<\/span><\/a><span style=\"font-weight: 400\"> is about two weeks aways, with the estimated rate at 16.05%. <\/span><span style=\"font-weight: 400\">Furthermore, the hash rate increases as more miners compete for limited Bitcoin block rewards, increasing mining difficulty.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, the uptick in mining difficulty suggests Bitcoin&#8217;s bearish price trajectory has not affected miners&#8217; profitability.\u00a0<\/span><\/p>\n<figure style=\"width: 980px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/vLziwnKv\/\" alt=\"BTCUSD price chart\" width=\"980\" height=\"589\"><figcaption class=\"wp-caption-text\">BTC&#8217;s price currently hovers at $25,932 in the daily chart. | Source: BTCUSD price chart from <a href=\"https:\/\/www.tradingview.com\/x\/ylc4uqet\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400\">Increase In Hash Rates Reflects High Investor Confidence In Bitcoin\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Hash rate and mining difficulty correlate; therefore, as the Bitcoin mining difficulty increases, the hash rate follows a similar trend. <\/span><span style=\"font-weight: 400\">Although calculating the hash rate is tricky and challenging, the ongoing figure is about to break the existing record high of 538.05 EH\/s.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In an August 22 report: CryptoQuant analyst MAC_D attributed the increased hash rate to high confidence in BTC and ETH network reliability and security among investors. <\/span><\/p>\n<p><span style=\"font-weight: 400\">MAC-D <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64e4605b53ebba2eeba43995-BTC-and-ETH-prices-have-fallen-but-network-security-and-reliability-have-increas\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">wrote:<\/span><\/a><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Recently the prices of BTC and ETH have fallen by 10%. However, the network security and reliability have increased.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">He also identified two plausible reasons behind the uptick in the hash rate. Firstly, the analyst explained that Bitcoin\u2019s hash rate increased during the recent price decline. He said the observation depicts that miners became more active amid the downtrend. Secondly, MAC_D mentioned that staked ETH has increased despite the decline in Ether price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nonetheless, the analyst believes the fall in price suggests BTC and ETH have become undervalued. And according to him, this presents an opportunity for bullish investors to accumulate more assets in anticipation of the next bull run.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This assumption must have prompted miners to increase their mining capacity, increasing the hash rate and difficulty. And data from the on-chain analytics platform Glassnode supports these claims.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-market-analysis-key-price-levels-and-metrics-to-watch\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Market Analysis: Key Price Levels And Metrics To Watch<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to Glassnode <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\">, there has been a slight increase in the number of BTC in the portfolios of mining firms. <\/span><span style=\"font-weight: 400\">As of August 22, miners&#8217; BTC holdings hovered over 1.83 million Bitcoin. This figure represents a 0.08% increase from the value at the beginning of August.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Pixabay and chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been trading sideways in the past weeks, significantly declining from the $29,000 support.\u00a0This 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\u2019 confidence remains at its peak. According to data from btc.com, this uptick marks the sixth-largest increase in Bitcoin mining difficulty in 2023. For context, Bitcoin mining difficulty measures the difficulty and time it takes to solve a complex cryptographic puzzle.\u00a0 Related Reading: AVAX Network Activity Down \u2013 Will The Planned Token Unlock Bring Back The Energy? The Bitcoin network adjusts mining difficulty periodically depending on the number of miners onboard. The next difficulty adjustment date is about two weeks aways, with the estimated rate at 16.05%. Furthermore, the hash rate increases as more miners compete for limited Bitcoin block rewards, increasing mining difficulty.\u00a0 Therefore, the uptick in mining difficulty suggests Bitcoin&#8217;s bearish price trajectory has not affected miners&#8217; profitability.\u00a0 Increase In Hash Rates Reflects High Investor Confidence In Bitcoin\u00a0 Hash rate and mining difficulty correlate; therefore, as the Bitcoin mining difficulty increases, the hash rate follows a similar trend. Although calculating the hash rate is tricky and challenging, the ongoing figure is about to break the existing record high of 538.05 EH\/s.\u00a0 In an August 22 report: CryptoQuant analyst MAC_D attributed the increased hash rate to high confidence in BTC and ETH network reliability and security among investors. MAC-D wrote: Recently the prices of BTC and ETH have fallen by 10%. However, the network security and reliability have increased. He also identified two plausible reasons behind the uptick in the hash rate. Firstly, the analyst explained that Bitcoin\u2019s hash rate increased during the recent price decline. He said the observation depicts that miners became more active amid the downtrend. Secondly, MAC_D mentioned that staked ETH has increased despite the decline in Ether price. Nonetheless, the analyst believes the fall in price suggests BTC and ETH have become undervalued. And according to him, this presents an opportunity for bullish investors to accumulate more assets in anticipation of the next bull run. This assumption must have prompted miners to increase their mining capacity, increasing the hash rate and difficulty. And data from the on-chain analytics platform Glassnode supports these claims.\u00a0 Related Reading: Bitcoin Market Analysis: Key Price Levels And Metrics To Watch According to Glassnode data, there has been a slight increase in the number of BTC in the portfolios of mining firms. As of August 22, miners&#8217; BTC holdings hovered over 1.83 million Bitcoin. This figure represents a 0.08% increase from the value at the beginning of August. Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":568,"featured_media":548546,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15698,441,640,17030,84159],"class_list":["post-548540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc","tag-bitcoin-analysis","tag-bitcoin-mining","tag-bitcoin-mining-difficulty","tag-btc-mining"],"acf":[],"yoast_head":"\n<title>Bitcoin Difficulty Hits New All-Time High As BTC Price Nosedives<\/title>\n<meta name=\"description\" content=\"Bitcoin bearish pattern spread panic among traders but has not deterred miners. 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