CandleFocus Bitcoin Mining Difficulty Hits All-Time High as Mining Revenue Rises; Signals Upcoming Bull Run
2024-10-23
Author: Content Editor
The mining difficulty for Bitcoin has reached an all-time high of 95.67 terahashes, with a 3.9% increase. This marks the 13th positive adjustment for the year. Higher mining difficulty means increased pressure on the mining industry to generate profits and invest in more efficient equipment. Weak miners have been selling their holdings or shutting down due to unprofitability. However, since July, miner balances have been relatively flat, indicating that remaining miners can handle the new environment. The mining industry is expected to consolidate into stronger hands, with public miners holding a record share. An increase in mining revenue is often a sign of an upcoming Bitcoin bull run, historically coinciding with price increases.
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