The latest jump in Bitcoin difficulty is the second in two weeks.
Bitcoin network fundamentals have remained unfazed by its spot price failing to show any crucial breakouts.from BTC.com, its mining difficulty has tapped a new high of 32.05 trillion hashes at a block height of 753,984 after an increase of 3.45%.This is the fourth such increase since the drop in difficulty adjustment in the last week of July. The previous jump saw an uptick of 9.2%, from around 28.3 trillion hashes to 30.9 trillion hashes.
Last month, Texas miners suspended operations to help the energy grid and conserve energy during a heatwave, This move was speculated to make cryptocurrency easier to mine. However, they switched back on a few weeks later.The latest difficulty rise is now expected to pressurize miners’ profit margin if the price fails to rally. Currently, BTC struggles to remain above $20,000. This still strains major public miners to achieve profitability on each bitcoin mined.
Furthermore, Bitcoin mining consultancy firm Blocksbridge, in the latest edition of its “Miner Weekly,” stated that the current “bear market is really crashing those with inefficient mining fleets.”
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