Bitcoin (BTC) Hashrate and Mining Difficulty Increases, BTC Heads Towards $70,000

The Bitcoin (BTC) mining hashrate has not been affected by recent market events, including the regrettable collapse of CrowdStrike.

Bitcoin (BTC) mining hashrate has remained largely unaffected by recent market events, including the unfortunate collapse of CrowdStrike. However, the hashrate has experienced a significant increase, which coincides with the current rise in BTC price.

BTC Hashrate and Mining Difficulty Increases

Presently, the mining difficulty for BTC is set at 82.05 trillion, according to the Coinwarz chart. The reported value of block 853,077 indicates that the Bitcoin mining difficulty has remained unchanged, with a 0.00% increase in the past 24 hours. Over the past week, the BTC hashrate has experienced a growth of 3.21%. While there was a decrease of 1.95% in the past 30 days, the metric has dropped by 5.02% in the prior 90 days.

The next Bitcoin difficulty change is expected on July 31, 2024, at approximately 04:30:50 PM UTC. Throughout 1,707 blocks, the difficulty of Bitcoin mining is expected to increase from 82.05 trillion to 88.54 trillion today.

Bitcoin mining difficulty is a quantitative measure that indicates the level of difficulty involved in mining the next block. The metric quantifies the number of hashes required to find a valid solution for solving the next Bitcoin block and earning the mining reward.

The metric is adjusted periodically. As more hashing power is applied to the Bitcoin network, the difficulty level is increased to maintain a stable rate of block generation. A mechanism called the difficulty re-target block is implemented to adjust the difficulty level either upward or downward to regulate this.

Bitcoin Heads Towards $70,000

In the daily chart, the price of BTC today showed a significant and rapid V-shaped recovery from the support level at $53,500. The coin had a strong bullish trend that coincided with the increasing BTC hashrate, resulting in a 24.86% gain that brought Bitcoin to trade at $66,597. Similarly, the market capitalization surged to $1.315 trillion within the same period.

At the time of writing, the price of BTC is $67,151.90, indicating a 0.77% gain in the past 24 hours. The bounce is likely to have been influenced by several factors, including the resumption of inflows into spot Bitcoin ETFs. The company’s market capitalization has risen to $1.3 trillion amid the ongoing recovery. However, the latest statistics on Bitcoin trade volume show an unexpected decline.

Over the past 24 hours, Bitcoin (BTC) trade volume has increased by 29.14%, according to CoinMarketCap. Bitcoin (BTC) has the second-highest trading volume in the digital asset market, with an astounding $23,328,879,874. As long as the BTC hashrate remains stable, Bitcoin is likely to reach new milestones.

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