The average hash rate is aiming for new all-time highs as Bitcoin difficulty completes its biggest single upward readjustment since January. The network difficulty of Bitcoin reached new all-time highs on Wednesday, August 31, according to data from on-chain monitoring service BTC.com.
Difficulty Jump for BTC
Despite recent declines in the price of BTC, the fundamentals of the network are painting a positive story as August comes to an end.
The fact that both difficulty and hash rate are increasing shows that miners are confident in the long-term financial success of their network involvement. It also shows that the mining industry short-term profits are lower than costs.
The level of difficulty has increased by 9.26% since the automated readjustment on August 31. And the rivalry among miners remains healthy.
For reference, the most recent period that difficulty rose more quickly was in January (9.32%), followed by August 2021 (13.24%).
As of right now, hash rate stands at 221 EH/s. Just a bit off of its highest-ever recorded average measurement of 223 EH/s, according to BTC.com.
The fundamentals of Bitcoin (BTC) have brought a "welcome rise," which, according to research, lessens the impact of a traditional bear market.
Bitcoin "Barely Hanging On"
The figures provide a refreshing break from the stormy spot markets and the pessimistic predictions for the remainder of 2022.
According to on-chain analytics, a comeback in fundamentals would be a good antidote to an otherwise negative environment, with BTC/USD expected to close August down nearly 13%.
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