Bitcoin Mining Difficulty Increases for 8th Consecutive Time: What Does This Mean?

Regardless of the present state of the crypto market, Bitcoin miners are having an much more tough time producing blocks and working their operations. Bitcoin mining issue hit an all-time excessive, however an much more notable prevalence is that this uptick is the eighth consecutive one, which might imply a number of issues for the budding crypto community.

Knowledge from the Bitcoin analytics platform CoinWarz shows that the present Bitcoin mining issue is at an all-time excessive (ATH) of 110.45 trillion. This issue adjustment happened on January 13 at block top 878,976, representing a 0.61% increment from the earlier worth.

Mining Problem Hits New ATH

Bitcoin mining issue signifies how tough it’s to mine a brand new block on the crypto community. The adjustment occurs each 2,016 blocks, roughly each 14 days, to make sure blocks are mined on common each ten minutes. The issue should enhance to make sure the blocks are usually not generated too shortly, particularly with extra hashing energy and mining machines added to the Bitcoin community.

The issue has elevated by 6.29% up to now 30 days and 19.99% within the final 90 days. Nonetheless, information from CoinWarz signifies that the following adjustment, occurring within the subsequent 13 days, would take the issue from its ATH of 110.45 trillion to 109.54 trillion, representing a 0.83% decline.

Bullish or Bearish Sign?

Historic information exhibits that consecutive spikes in Bitcoin’s issue might be thought of a bullish or bearish sign.

Per a Coindesk report, in some unspecified time in the future over the last bull cycle, Bitcoin’s issue witnessed 9 consecutive optimistic changes. The final one coincided with the market’s high–bitcoin (BTC), hitting $69,000 in November 2021. Afterward, the bear part started.

Nonetheless, in 2018, Bitcoin made related changes with out rallying prefer it did in 2021. After BTC hit its bull market high at $20,000 in December 2017, the crypto community made 17 consecutive optimistic changes till mid-2018. By the point of the following detrimental adjustment, BTC was value round $6,000. Which means whereas Bitcoin’s mining issue elevated, the worth of BTC declined.

Within the present cycle, the Bitcoin mining issue began this uptrend on October 9 at 92.04 trillion. Since then, the issue has increased seven extra occasions during the last 96 days. Though analysts insist BTC continues to be in a bull cycle and has room to develop, the asset has been struggling because the starting of the yr.

However, it stays to be seen if BTC has hit its peak for this cycle. On the time of writing, it was changing hands at $91,00.