Bitcoin Mining Difficulty Cuts the Drop Streak

Bitcoin mining rigs. Source: Adobe/amixstudio

 

After a nearly two-month-long drop streak, Bitcoin (BTC) mining just got a bit more difficult.

Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, went up 1.74% today, going from 27.69 T to 28.17 T.

The rise follows three consecutive drops, a streak that began in the second half of June, the last of which turned out to be the largest drop in a year.  

Meanwhile, hashrate, or the computational power of the network, has seen an increase in the past two weeks. Since the previous adjustment, the 7-day moving average hashrate went up by 2.75%, per BitInfoCharts.com data.

Bitcoin mining profitability increased as well, rising 9.2% over the same period.

 7-day moving average. Source: bitinfocharts.com

Notably, despite the recent general improvement in the crypto markets, over the past 14 days, the price of BTC fell by almost 2%. At 13:22 UTC, the coin was trading at USD 22,917, down almost 2% in a day, unchanged in a week, and up 13% in a month.

Meanwhile, according to ByteTree data, miners have continued spending more of their newly generated BTC, compared to what they’ve held.

Source: terminal.bytetree.com

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