Bitcoin mining difficulty has renewed highs
Experts note that high involvement of miners will lead to an increase in the BTC rate
The Fed’s accommodative policy will also play into the hands of bitcoin bulls
International consortium of news organizations developing transparency standards.
On Tuesday, August 25, the difficulty level of cryptocurrency mining reached its maximum values. At the same time, the coin itself showed signals that indicate a further decline in value. In parallel, the level of dominance of BTC in the digital asset market went into decline.
The difficulty of mining bitcoin fell by 16%
Bitcoin mining difficulty graph. Data: btc.com
The negative dynamics of BTC did not bother the analyst PlanB, popular in the crypto community, who commented on the increase in the level of difficulty in mining the coin. In his opinion, the record of the indicator signals a positive attitude of miners..
New #bitcoin difficulty record 17.6T .. miners are bullish! pic.twitter.com/nIKOpWJyyS
– PlanB (@ 100trillionUSD) August 24, 2020
Mining Difficulty – Simply Explained
He drew attention to the fact that the BTC mining difficulty level has increased by 9% since May 2020. Recall that halving took place on the cryptocurrency network this month. Bitcoin halving cuts the number of new coins created and earned by miners in half. It happens about every four years and … More. At the moment, Bitcoin, according to the analyst, is lagging behind the indicators of previous years. On the graph, he compared the trajectories of the BTC mining difficulty level after halving.
#bitcoin difficulty is up 9% after May 2020 halving, lagging 2016 and 2012 halvings (where difficulty was up 20% + at this point in time). pic.twitter.com/YCDP7o5Bo2
– PlanB (@ 100trillionUSD) August 24, 2020
Against the background of the growth in the level of complexity of bitcoin mining, CTO of the platform-provider of analytical data on the digital asset market GlassNode Rafael Schultz-Kraft recalled that until recently, many members of the crypto community were afraid of the surrender of miners. Increasing difficulty proves otherwise.
It is noteworthy that despite the decline in the bitcoin rate, the number of users with at least 1 BTC on their account reached a record high.
Many members of the crypto community believe that Bitcoin can strengthen its position in the market due to the quantitative easing policy chosen by the US financial regulator (artificial injection of additional freshly printed dollars into the economy). In particular, the head of the US Federal Reserve System (FRS), Jerome Powell, confirmed the policy of stimulating inflation in the economy. This became known from the announcement of his speech..
The chief strategist of the Kraken cryptocurrency exchange Pierre Rochard believes that the policy of the American regulator is a reason to invest in bitcoin. Capriole Investments analyst Charles Edwards and many other popular members of the crypto community agreed with his opinion..
While investors are analyzing the prospects for the further movement of the BTC rate, analysts have established that over the past three years, fraudsters have managed to launder over $ 1 million in bitcoins using the popular digital asset exchange Binance.
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