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Forget BTC price: The Bitcoin mining boom is quietly going parabolic
Bitcoin difficulty and hash rate stop at nothing in their quest to surge to new levels never seen before.
Bitcoin may be struggling at $30,000, but under the hood, all-time highs of a different kind keep coming.The latest data shows that Bitcoin network fundamentals — difficulty and hash rate — will hit new records this week.
Bitcoin mining difficulty, hash rate refuse to slow down
Bitcoin’s 2023 recovery has been about more than just BTC price action, with miners seeing a significant turnaround of their own.
As BTC/USD added 70% in Q1 alone, pressured mining participants saw some much-needed relief after the bear market squeezed profit margins to practically zero.
The comeback for miners is evident in difficulty, which among other things, reflects competition for block subsidies.
This has made new all-time highs for the past two months, and this week will be no exception. According to data from BTC.com , the difficulty will increase by approximately 2.1% on April 20, reaching 48.91 trillion.
The dizzying tally is a full 13 trillion higher than at the start of the year alone.
Read More: https://cointelegraph.com/news/forget-btc-price-the-bitcoin-mining-boom-is-quietly-going-parabolic
Bitcoin difficulty and hash rate stop at nothing in their quest to surge to new levels never seen before.
Bitcoin may be struggling at $30,000, but under the hood, all-time highs of a different kind keep coming.The latest data shows that Bitcoin network fundamentals — difficulty and hash rate — will hit new records this week.
Bitcoin mining difficulty, hash rate refuse to slow down
Bitcoin’s 2023 recovery has been about more than just BTC price action, with miners seeing a significant turnaround of their own.
As BTC/USD added 70% in Q1 alone, pressured mining participants saw some much-needed relief after the bear market squeezed profit margins to practically zero.
The comeback for miners is evident in difficulty, which among other things, reflects competition for block subsidies.
This has made new all-time highs for the past two months, and this week will be no exception. According to data from BTC.com , the difficulty will increase by approximately 2.1% on April 20, reaching 48.91 trillion.
The dizzying tally is a full 13 trillion higher than at the start of the year alone.
Read More: https://cointelegraph.com/news/forget-btc-price-the-bitcoin-mining-boom-is-quietly-going-parabolic
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