Bitcoin’s hashrate, mining difficulty have these updates for you
Bitcoin [BTC], the largest cryptocurrency’s struggle continues to see new days and nights in the crypto market. While investors feared losing their savings to the price correction, BTC miners may have taken another route to deal with this fall.
Bitcoin registered the worst performance in August since 2015 after the monthly candle closed down 14%. In fact, at press time, BTC fell below the $2ok mark as it traded around $19.9k. Here’s a red-painted seven-day layout for the largest token.
Source: CoinMarketCap
Following the free fall, many analysts have laid out bearish trends to alert Bitcoin enthusiasts. For instance, Crypto Tony warned that the (Bitcoin) stage was set for deeper losses going forward. In a tweet sent out on 1 September, the famed trader added,
<p lang=«en» dir=«ltr» xml:lang=«en»>This is my macro go to on #Bitcoin currently and until we see– A change in market behaviour and becoming macro bullish (Taking out $30,000 and putting in a higher high)
I am leaning towards a macro drop down, which i where i will be looking to ladder into #Altcoins for swings https://t.co/qz7RAgw4gH
— Crypto Tony (@CryptoTony__) September 1, 2022
Needless to say, the said fall even saw heavy liquidations with the BTC spot market. This means that traders started selling their holdings. But not everyone took the same approach.
Surprisingly miners didn’t give up on Bitcoin yet asmining difficulty reached a significant high. BTC ushered in a mining difficulty adjustment at block height 751,968, and the mining difficulty increased significantly by 9.26% to 30.98T.
Source: BTC.com
According to data from on-chain monitoring resource BTC.com, this will be the highest upward difficulty adjustment since January this year.
Moreover, this figure
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