BTC mining has reached new ATH (all-time high) difficulty levels in the last couple of weeks. This sudden all-time high difficulty has affected and reflected the confidence of miners regarding the profitability of Bitcoin (BTC) mining.
Crypto experts are keenly observing the mining activities as it give the basics of the crypto ecosystems and keep them updated with the health of the mining network. Moreover, the profitability in the mining sector also depends on the level of the difficulty of Bitcoin mining.
According to a post shared on the 26th of August 2023, Glassnode (the on-chain analytics company) shared that the hash rate of the network bumped to a 4-month high. The last 4-month high hash rate was recorded back on the 7th of July, 2023.
Miners to Switch on the BTC Mining Machines
Increased hash rate depicts that more computational efforts were employed to validate and secure the network. It is believed that an increase in the number of miners or the use of efficient systems causes a spike in metric.
The hash rate of Bitcoin mining has been propelled to a new ATH in the past week that adjusts itself automatically in the span of an average of two weeks to maintain the block time of 10 minutes. Miners are expecting a bullish trend in the Bitcoin’s market price in the coming time and therefore putting their efforts into mining.
Miners Being Bullish on Bitcoin
Bitcoin miners have delayed their plans to sell BTC as they are expecting the bullish trend of BTC in the coming time. Data shared by Glassnote supports the miners’ mindset as the supply in the miner’s address touched a monthly high on 26th August up to 1.83 million.
It is important to note that miners frequently cash out a few of digital assets like BTC to manage their expenses. However, delaying the liquidation of Bitcoin is because of their expectation of a bullish rate in the coming time. They are waiting for the price of Bitcoin (BTC) to have more strength to benefit miners in future.
Citex Crypto Exchange Review 2023 – Is Citex.io Safe and Legit?
Court Approves FTX’s Sale of $873 Million Worth of Grayscale, Bitwise Trust Assets.
Canadian Public Reluctant Towards Digital Currency Adoption
You have not selected any currencies to display