• Bitcoin mining difficulty has reached a new all-time high.
• The adjustment is one of the largest positive adjustments this year.
• This could affect the price of BTC as it continues to hold above $23,000.
Bitcoin Mining Difficulty Reaches New High
On Sunday, January 29th, the bitcoin mining difficulty underwent a 4.68% adjustment that saw the difficulty shoot up to 39.35 terahash per second on a seven-day basis. This puts the difficulty above its previous high of 37.59 TH/s which was recorded on January 16th, and is one of the largest positive adjustments for the year so far.
Forecasts For Next Adjustment
The next difficulty adjustment is expected to take place on February 11th with forecasts set at an upward 3.63%, potentially putting the difficulty at a new all-time high. Over the last 30 days alone, Bitcoin’s mining difficulty is already up more than 11%.
Will This Affect The BTC Price?
Despite seeing a drawdown over the last day due to resistance at $24,000 and additional selling pressure caused by this adjustment, Bitcoin remains firmly in a bullish trend as long as it holds above its 100-day and 200-day moving averages at $23,000 or above.
Competition Is Good For Bitcoin
The competition caused by this increase in mining difficulty is good for Bitcoin since not only does more miners help secure it but also increases demand for digital assets due to miners needing higher hash rates to mine efficiently with lesser rewards than before.
BitStarz Player Lands Record Win!
As an example of how rewarding Bitcoin can be despite increased competition in mining, BitStarz Player recently landed an impressive win of $2459124! These kinds of wins are possible despite increased mining difficulty as long as prices remain high and stable on both sides – buyers and miners alike!
