While Bitcoin failed in its attempts to exceed $ 70,000, a new record was reached due to BTC mining difficulty.
According to data announced by BTC .com, Bitcoin mining difficulty increased by 10.5%, reaching an all-time high.
According to the data, Bitcoin mining difficulty reached a record level of 90.67T. The next difficulty adjustment is expected to be made in approximately 14 days, with a small increase expected to increase to 90.70 tonnes.
While Bitcoin mining difficulty reached 90.67 trillion hashes, it was seen that Bitcoin's hash rate also increased. BTC hash rate also reached 641.2 EH/s.
These Increases Could Help Bitcoin Price Stability!
Commenting on this increase in Bitcoin mining difficulty and hash rate, CryptoQuant analysts stated that this could potentially help BTC price stability.
Analysts speaking to The Block said that the recovery in Bitcoin hash rate is generally linked to a prolonged rise in BTC prices.
According to analysts, this increase in hash rate and difficulty comes after the increase in Bitcoin price earlier this week, which makes miners less likely to sell their Bitcoin holdings. Because after the price increase, miners' interest in Bitcoin increased. As interest increases, the density in the network increases and mining becomes more difficult.
CryptoQuant analysts recently stated that the number of Bitcoins transferred from miners' wallets has decreased and that large miners are accumulating BTC.
“Daily Bitcoin miner outflows remained between 10,000 BTC and 20,000 BTC in early March, when Bitcoin first reached $70,000, but dropped to between approximately 5,000 BTC and 10,000 BTC in July.
“In addition, the total bitcoin balance of major miners has now increased to 65,000 BTC, which was 61,000 BTC at the beginning of 2024.”
What Will Be the Effect on Bitcoin Price?
There is no close correlation between BTC price and Bitcoin mining difficulty and hash rate. Increasing network difficulty makes the network more secure and increases competition among miners.
When we look at historical data, we see that there is a need for large fluctuations that can activate the algorithms in order for the change in the hash rate to be reflected in the BTC price.
However, the increase in both mining difficulty and hash rate means that miners believe in long-term profitability and accept lower profits.
*This is not investment advice.