Bitcoin (BTC), largest cryptocurrency, sees amazing positive difficulty adjustment; what does this mean?
Today, August 31, 2022, Bitcoin (BTC), the first cryptocurrency, recorded its longest series of positive difficulty adjustments since February. Both its difficulty and average hash rate indicators rose above critical psychological levels.
Bitcoin (BTC) mining difficulty is back above 30T
According to data shared by automated public tracking services, Bitcoin (BTC) mining difficulty was adjusted today at 6:30 a.m. UTC.
Bitcoin (BTC) difficulty, an integral metric indicating how difficult it is for a BTC network participant to mine a new block, added 9.26%. This is the second biggest positive difficulty adjustment of 2022. As of press time, Bitcoin (BTC) mining difficulty sits at 30.98 T, just 0.87% lower than its all-time high.
The average hashrate of the Bitcoin (BTC) network – the net number of hashes disclosed by all BTC miners in one second – reached 221.72 quintillion hashes per second. It is also down 0.9% from the historic high registered on May 11, 2022.
Bitcoin (BTC) mining difficulty and average hash rate are important metrics as they display the activity of bitcoin (BTC) miners. Both metrics fall when the unprofitability of mining puts miners off their gear.
Bitcoin (BTC) miners are moderately optimistic
At the bottom of the ongoing miner capitulation, Bitcoin (BTC) difficulty and hashrate metrics dropped to 27.69 T and 198.15 EH/s, respectively.
As previously covered by U.Today, bitcoin (BTC) miners may already be optimistic about BTC price prospects in the medium term.
Seasoned Bitcoin (BTC) analyst Charles Edwards stated that Hash Ribbon, a crucial hashrate dynamic indicator, printed a bullish signal on Aug. 20, 2022.
