Mining difficulty passes 50 trillion
For $Bitcoin(BTC.CC$ network fundamentals, the trend is as decisively bullish as at any time this year, with new all-time highs imminent.
Mining difficulty is due to add 2.5% on May 31, taking it over 50 trillion for the first time ever, according to data resource BTC.com.
Add hash rate into the equation — itself circling the highest levels ever recorded — and the picture becomes clear regarding miner conviction and competition.
Mining difficulty is due to add 2.5% on May 31, taking it over 50 trillion for the first time ever, according to data resource BTC.com.
Add hash rate into the equation — itself circling the highest levels ever recorded — and the picture becomes clear regarding miner conviction and competition.
As noted by analytics firm Glassnode last week, miners have returned to holding, increasing their overall BTC balances by retaining more BTC earnings than they sell.
“Following a large outflow of Bitcoin across the FTX implosion, Miners (excluding Patoshi and early unlabelled Miners) have expanded their balance sheet by +8.2K BTC, increasing their holdings to a total of 78.5K BTC,” it noted alongside a chart.
“Following a large outflow of Bitcoin across the FTX implosion, Miners (excluding Patoshi and early unlabelled Miners) have expanded their balance sheet by +8.2K BTC, increasing their holdings to a total of 78.5K BTC,” it noted alongside a chart.
Meanwhile, William Clemente, head of crypto research firm Reflexivity Research, contrasted the current trend in hash rate versus spot price with Bitcoin’s 2019 price recovery.
As Cointelegraph often reports, a popular mantra still held by some longtime market participants focuses on spot price following hash rate on longer timeframes.
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