The mining difficulty of Bitcoin recently reached a new all-time high after an adjustment of 4.68% on January 29th. The adjustment took place at block 774,308, pushing the difficulty to 39.35 terahashes per second on a seven-day basis, surpassing the previous record of 37.59 TH/s from January 16th. The next difficulty adjustment is expected to happen on February 11th, with predictions suggesting a further increase of 3.63%.
In the last month, the bitcoin mining difficulty has seen an increase of 11.27%, indicating that more miners are joining the network and contributing to its security. However, the increased competition in mining makes it more difficult for individual miners to operate efficiently, requiring them to upgrade their hashrate.
The recent adjustment has caused a dip in the price of bitcoin, which has faced major resistance at the $24,000 level. Despite this, the digital asset remains above $23,000 and its 100-day and 200-day moving averages, making its price outlook still bullish. As long as the price of bitcoin remains high, miners will not have to sell as many coins, thus avoiding excessive selling pressure in the market.
At present, bitcoin is trading at $23,356, with a 1.58% increase over the past seven days. It’s worth noting that this analysis is not investment advice and that all forms of trading carry risk. It’s crucial to perform due diligence before making any trading decisions.
