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Bitcoin: Mining difficulty squinting at new record high despite weak price

 


While Bitcoin ( BTC ) slipped to a six-week low as it slumped below the crucial $20,000 mark, fundamentals remain far from negative.


As the current on-chain data shows, the market-leading cryptocurrency is still far from capitulation, as both hashrate and mining difficulty are increasing significantly.


Mining difficulty on the go

Although the Bitcoin price has lost almost 7% so far this week, the miners are not irritated by this, because they were recently able to successfully free themselves from their own capitulation phase.


With new hardware and renewed competition on the network, fundamentals are clearly pointing up towards the end of August.


The Difficulty illustrates this impressively, because the key figure, which among other things reflects the existing competitive pressure of Bitcoin miners, is expected to increase by 6.8% in the next week.


According to data from on-chain analysis service BTC.com , this represents the largest increase in the difficulty of mining Bitcoin since January.


The increase of 6.8% does not only stand for itself, because if it should actually happen, the difficulty would climb to a new record high.


"There could be a difficulty jump that is so dizzyingly high that we will see a new record high in the next few days," Blocksbridge mining analysts confirm in their recent Miner Weekly newsletter .


However, Blocksbridge also emphasizes that the current market situation is not easy, because miners with older hardware in particular have come under pressure from the weak Bitcoin price, falling transaction fees and block rewards and rising energy costs.


"In short: the bear market will be fatal for miners with inefficient operating structures," as the experts summarize

Hashrate squints to new record high

Nevertheless, the hash rate of Bitcoin reads as promising as the difficulty, because the computing power of the blockchain network is also pushing for a new record high.


According to MiningPoolStats estimates, as of August 22, the hashrate was already at 246 exahashes per second (EH/s), within striking distance of the record of 251 ETH/s set at the end of April.


However, it should be mentioned that the hash rate can only ever be estimated, which is why smaller fluctuations up and down are not necessarily meaningful.

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