CandleFocus Mining New Bitcoin Is More Difficult Than Ever. Here's How it Could Impact BTC Prices
2024-09-12
Author: Content Editor
The mining difficulty of Bitcoin has reached an all-time high, increasing by over 10% since early July. This could strain miners' profitability due to higher operational costs. The increased difficulty might lead to more Bitcoin being sold to cover costs. However, there is no direct correlation between mining difficulty and Bitcoin price. The next difficulty adjustment is estimated to occur on September 27, decreasing the mining difficulty. A bump in mining difficulty can dampen profits for mining companies. Some traders believe Bitcoin price action could be impacted by how miners deal with the difficulty increase. There is no clear cause-and-effect relation between mining difficulty and Bitcoin price. Selling pressure could be on the cards based on overall market sentiment.
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