Bitcoin difficulty jumps 6% to new peak as miners ignore BTC price dip
BTC price action is causing some to panic, but Bitcoin miner confidence in the network is there for all to see. Bitcoin (BTC) network fundamentals are in no mood to follow bearish BTC price action this week. The latest on-chain data confirms that difficulty has hit new all-time highs, with hash rate not far behind. Bitcoin mining difficulty ends slump Despite BTC/USD dropping 10% last week, Bitcoin miners appear to be taking the price downturn in their stride. This was cemented in network activity on Aug. 22, as difficulty increased by 6.17% at its latest biweekly automated readjustment. Not only was this enough to take difficulty to new record highs, it marked Bitcoin’s sixth-largest difficulty uptick of 2023, figures from monitoring resource BTC.com show. Difficulty is a reflection of both miner competition and Bitcoin network security, and its upward trajectory suggests that miners are not yet struggling when it comes to profitability. The next automated readjustment is already d...