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The difficulty of bitcoin extraction has once again timed another record. This adjustment is one of the most significant positive adjustments to date for the year, and with the new legacy comes an all-new set of implications for digital assets.
Bitcoin Mining Difficulty Reaches New High
On Sunday, January 29, the bitcoin mining difficulty underwent a 4.68% adjustment that saw the difficulty shoot up. It took place in block 774.308 and the challenge is currently at 39.35 terahash per second on a seven-day basis.
Related Readings: Here's what could have triggered the decline of Ethereum under $1,600. The next hardship adjustment is scheduled for Feb. 11. The forecast for the next adjustment is set at an increase of 3.63%, which would place the challenge at a new historical high.
BTC difficulty adjusts to 39.35T | Source: CoinWarzThe BTC challenge is 39.35T | Source: CoinWarz. It also shows that miners are more likely to reconnect to the network, resulting in large adjustments.
Nevertheless, the competition is good for the digital asset as not only do more minors on the network help to secure it. More platforms online means a high level of demand for the digital asset.
The mine is now much more difficult to operate, so miners will have to increase their hashing in order to extract effectively the same volume as before.
Is that going to have an impact on the price of the BTC? Over the last day, the Bitcoin price has already seen a drawdown as a result of the adjustment of the difficulty.
This is not surprising given that there was strong resistance at the $24,000 level and the adjustment only increased the sales pressure on the part. However, the digital asset continues to stay above the $23,000 price level, which is excellent because it ensures btc stays above its 100 days and 200 rolling average days.
As long as these two levels continue, BTC's price remains firmly on an upward trend. Related reading: American institutions are conducting Bitcoin prices, matrixport research while the btc price is also on the high side, the miners are not going to put as much pressure on the marketplace. They will have to sell fewer tokens in order to continue their activities and be able to hold a greater percentage of their coins extracted.
They will have to sell fewer tokens in order to continue their activities and be able to hold a higher percentage of their coins extracted.
BTC price falls to $23,200 in face of higher mining difficulty | Source: BTCUSD on TradingView.comFollow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CoinDesk, chart from TradingView.com
