Bitcoin

Million

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 <p>Bitcoin’s mining difficulty attained a new all-time high during the latest adjustment. The number rose by 6.17%, aiding the difficulty of attaining 56 trillion for the first time ever in Bitcoin’s history.</p> 
 <p>The rise in <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> reflects the security of the network. However, it also adds pressure to miners’ margins and squeezes their profits. This is because <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> amid increased <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> requires more electric power, translating to increased expenses for miners.&nbsp;To add to the woes of miners, power prices in Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> hub Texas registered a 6,000% surge last week.</p> 
 <p>Data from BTC.com pointed out that the latest 6.1% rise was one of the largest rises registered by Bitcoin’s <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> in 2023. Last time, it rose by only 0.12%, while prior to that, it dropped by 2.94%.</p> 
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 <p>The next fortnightly adjustment is all set to take place after 12 days and 21 hours. According to estimates, this metric will yet again register a rise. It is expected to claim 56.36 trillion rising by 1.33% from the current level.</p> 
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  <img decoding="async" width="1024" height="382" src="https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp" alt="Bitcoin's mining difficulty attained a new all-time high during the latest adjustment.  The number rose by 6.17%." class="wp-image-108338" srcset="https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 800w, https://cdn.thebittimes.com/images/2023/08/24/c56ae754feb43be4f30d4feedbbd1666.webp 1156w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: BTC.com 
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 <p><strong>Also Read: Bitcoin Must Surpass $98,000 for Miner’s Sustainability in 2024</strong></p> 
 <h3 class="wp-block-heading" id="h-the-reliability-factor">The ‘Reliability’ Factor</h3> 
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 <p>Commenting on the current state of affairs, a community member&nbsp;posted&nbsp;on X [formerly Twitter],</p> 
 <p><strong>“Bitcoin’s <a rel="noopener noreferrer nofollow" title="hashrate" href="https://thebittimes.com/tag/hashrate.html">hashrate</a> is a true testament to the network’s strength and&nbsp;security.&nbsp; As it continues to soar to new heights, it’s clear that the miners behind this revolutionary digital currency are working hard to ensure its stability and resilience.”</strong></p> 
 <p>In another recent Quicktake post on CryptoQuant, pseudonymous analyst MAC_D pointed out that despite the <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> miners are more active in Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> at the moment. As a result, investors’ confidence in the security and reliability of the BTC network has refined. Even though the price of BTC has fallen, the analyst says that the asset is still undervalued. Consequentially, he indicates it can be a time to “actively” accumulate BTC.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">$BTC and $ETH prices have fallen, but network security and reliability have increased<br><br>"The fact that the price has fallen despite the increase in the intrinsic value of the two assets means that they are undervalued…"<br>by @MAC_D46035 <br><br>Link👇https://t.co/ROtZ8pD3AS</p> 
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    </div> — CryptoQuant.com (@cryptoquant_com) August 23, 2023 
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 <p><strong>Also Read:&nbsp;Europe: Crypto ETP Inflows Rise to ~$230 Million in June, July</strong></p> 
 <p>At press time, the largest crypto asset was trading at $25,855, down 11.11% over the past week.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>btc</li> 
  <li>difficulty</li> 
  <li>hashrate</li> 
  <li>mining</li> 
 </ul> 
</div>

Bitcoin Mining Difficulty Rises 6.17% to Claim New ATH

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