Bitcoin (BTC) Hashrate Increases Despite Market Events, Signaling Miner Confidence

The Bitcoin (BTC) mining hashrate has not been affected by recent market events, including the regrettable collapse of CrowdStrike.

Bitcoin (BTC) mining hashrate has remained largely unaffected by recent market events, including the reported collapse of CrowdStrike. The hashrate, which measures the total computational power dedicated to mining BTC blocks, has seen a gradual increase over the past several periods, coinciding with the current uptick in BTC price. BTC Hashrate and Mining Difficulty Rises As per the Coinwarz chart, the current mining difficulty for BTC is set at 82.05 trillion. The reported value for block 853,077 indicates that the Bitcoin mining difficulty has remained practically unchanged, with a 0.00% increase over the past 24 hours. The BTC hashrate, on the other hand, has experienced a growth of 3.21% over the past week. While the metric showcases a decrease of 1.95% over the past 30 days, it has dropped by 5.02% over the prior 90 days. The upcoming Bitcoin difficulty change is set to occur on July 31, 2024, at around 04:30:50 PM UTC. Over the course of 1,707 blocks, the difficulty is expected to increase from 82.05 trillion to 88.54 trillion. Bitcoin mining difficulty serves as a quantitative measure that denotes the level of difficulty involved in mining the next block. The metric essentially quantifies the number of hashes required to uncover a valid solution for solving the next Bitcoin block and ultimately earning the mining reward. The metric is designed to be adjusted periodically. As more miners join the BTC network, the total hashing power increases, prompting a corresponding adjustment in the difficulty level to maintain a balanced rate of block generation. To achieve this, a mechanism known as difficulty re-target block is employed to shift the difficulty either up or down. Bitcoin Price Surges Past $70,000 On the daily chart, the price of BTC has demonstrated a significant and rapid V-shaped recovery from the support level of $53,500. During a period of increased BTC hashrate, the coin witnessed a substantial upward trend that resulted in a 24.86% increase in its value, leading Bitcoin to be traded at $66,597. In turn, the market capitalization surged to $1.315 trillion within the same period. At the time of writing, BTC is valued at $67,151.90, reflecting a 0.77% increase in the past 24 hours. The rebound is largely attributed to several factors, including the resumption of inflows into spot Bitcoin ETFs. The company’s market capitalization has seen a substantial increase to $1.3 trillion as a result of the continuous recovery. However, recent statistics on Bitcoin trade volume show an unexpected decline. According to data from CoinMarketCap, the trading volume of Bitcoin has increased by 29.14% in the past 24 hours. Out of the total crypto market volume, Bitcoin (BTC) now accounts for 53.83%, while stablecoins collectively contribute 29.02%. With a staggering amount of $23,328,879,874 in trading volume, Bitcoin ranks second only to琬USDT among all digital assets on the market. As long as the BTC hashrate remains steady, there is a high probability that Bitcoin will continue to reach new milestones.

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