Bitcoin’s recent surge past $34,000 has been a significant event in the cryptocurrency market. Monitoring miner behavior and metrics is paramount when analyzing the Bitcoin market, as miners play a foundational role in network security, transaction validation, and new Bitcoin issuance. Their actions and decisions can offer insights into market trends, future price movements, and overall network health.
Between October 15 and 16, the mining difficulty of Bitcoin increased by 6.47%. This adjustment, which occurred as Bitcoin surpassed $28,000, reflects the network’s self-regulating mechanism to maintain consistent block times. As the price rose, it’s likely more miners were incentivized to join the network, escalating the competition. Consequently, while the increased price means rewards in USD value are higher, the intensified competition might make obtaining Bitcoin slightly more challenging.
Graph showing the Bitcoin mining difficulty adjustment percent change in 2023 (Source: G
We współpracy z: https://cryptoslate.com/bitcoin-miners-navigate-increasing-difficulty-for-higher-rewards/
