Kingdom

Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-mining-challenge-peaks-as-difficulty-and-hash-rates-surge">Bitcoin Mining Challenge Peaks as Difficulty and Hash Rates Surge</a><br></p>
<p style="text-align: justify"> The <a href="https://en.bitcoinhaber.net/anticipation-grows-for-first-u-s-spot-bitcoin-etf-approval">Bitcoin</a> <a href="https://en.bitcoinhaber.net/bitcoin-halving-approaches-mining-costs-soar-and-profitability-concerns-rise">mining</a> difficulty is on the brink of reaching unprecedented levels, with projections indicating a leap to over 85 trillion by April 11, marking a 2% increase. This surge comes despite the Bitcoin price exhibiting steady trends over the past month. Monitoring sources reveal a negligible dip in hash rate during this phase. </p> 
<h2 id="heightened-activity-and-preparations-in-mining">Heightened Activity and Preparations in Mining</h2> 
<p style="text-align: justify"> MiningPoolStats data reflects a current total computational power of 684 exahash per second across the network, denoting that the output from recognized mining pools is at its zenith. In light of the upcoming halving event, Bitdeer Technologies, a mining ally of the Kingdom of Bhutan, has declared its goal to ramp up mining activity sixfold, in readiness for the anticipated change. </p> 
<h2 id="bitcoin-holders-increasingly-selling-off">Bitcoin Holders Increasingly Selling Off</h2> 
<p style="text-align: justify"> With a favorable spent output profit ratio (SOPR), Bitcoin’s long-term holders are shifting to become more active sellers. Analyst Checkmate from Glassnode perceives this trend as a regular market behavior, unlikely to induce significant market sell-offs. According to Checkmate’s analysis, LTH investors usually sell around 14% of their Bitcoin holdings during market highs, and currently, they have sold less than half of this expected proportion. </p> 
<h3 id="points-to-take-into-account">Points to take into account</h3> 
<ul> 
 <li>The anticipated increase in mining difficulty to over 85 trillion represents a significant challenge for Bitcoin miners.</li> 
 <li>The consistency in hash rates suggests robust and sustained mining operations despite stable Bitcoin prices.</li> 
 <li>Long-term Bitcoin holders are strategically selling their assets, which is a typical response to market highs and not indicative of a looming sell-off pressure.</li> 
</ul> 
<p style="text-align: justify"> Given historical patterns, the ongoing trend of LTH selling has the potential to balance with new Bitcoin demand for several months while simultaneously elevating prices. As the community and investors prepare for the halving event, the current data offers insights into the Bitcoin <a href="https://en.bitcoinhaber.net/central-bank-of-turkey-hikes-interest-rates-amid-crypto-market-movements">economy</a>‘s dynamics and miner strategies.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-mining-challenge-peaks-as-difficulty-and-hash-rates-surge">Bitcoin Mining Challenge Peaks as Difficulty and Hash Rates Surge</a></h5>

Bitcoin Mining Challenge Peaks as Difficulty and Hash Rates Surge

Table of Contents

BH NEWS

Other articles published on Apr 8, 2024

Michaël van de Poppe Predicts Top Crypto Tokens to Watch in the Anticipated Altseason

Bitcoin Haven El Salvador Is Offering 5000 'Free Passports' Says Nayib Bukele: 'Will Facilitate T...

JPMorgan CEO Says AI is the Most Important Issue Facing the U.S. Largest Bank

The 10x Cryptos Whales are Buying: Scorpion Casino, Dogecoin, and Solana Meme Coin Dogwifhat

VC crypto investments surge as market rebounds, hits $2.5b in Q1

Bitcoin Gives Mixed Signals: Here Are Key Events To Watch Out For This Week

Join our free newsletter for daily crypto updates!