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Bitcoin (BTC) Difficulty Prints Massive Spike: Details

31 Aug, 20222 min readBitcoin
Bitcoin (BTC) Difficulty Prints Massive Spike: Details

Today, Aug. 31, 2022, Bitcoin (BTC), the first cryptocurrency, registered its longest array of positive difficulty adjustments since February. Both its difficulty and average hashrate indicators spiked above crucial psychological levels.

Bitcoin (BTC) mining difficulty is back above 30T

According to data shared by automated public tracking services, Bitcoin (BTC) mining difficulty was adjusted today at 6:30 a.m. UTC.

Bitcoin (BTC) difficulty, an integral metric that displays how difficult mining a new block is for a BTC network participant, added 9.26%. This is the second largest positive difficulty adjustment of 2022. By press time, Bitcoin (BTC) mining difficulty is sitting at 30.98 T, only down 0.87% from its all-time high.

The average hashrate of the Bitcoin (BTC) network - the net number of hashes disclosed by all BTC miners in one second - reached 221.72 quintillion hashes per second. It is also down 0.9% from the historic high registered on May 11, 2022.

Bitcoin (BTC) mining difficulty and average hashrate are crucial metrics as they display the activity of Bitcoin (BTC) miners. Both metrics fall when miners switch off their gear due to the unprofitability of mining.

Bitcoin (BTC) miners are moderately optimistic

At the bottom of the ongoing miner capitulation, Bitcoin (BTC) difficulty and hashrate metrics dropped to 27.69 T and 198.15 EH/s, respectively.

As covered by U.Today previously, Bitcoin (BTC) miners might already be optimistic about the prospects of BTC's price in the midterm.

Seasoned Bitcoin (BTC) analyst Charles Edwards stated that Hash Ribbon, a crucial hashrate dynamic indicator, printed a bullish signal on Aug. 20, 2022.

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