• Bitcoin Mining Difficulty has hit an all-time high of 39.35 TH/s
• The next difficulty adjustment is expected to be a 3.63% increase, which would set a new ATH
• Bitcoin price has seen some pullback with the difficulty adjustment, but it remains above its 100-day and 200-day moving averages
Bitcoin Mining Difficulty Reaches New All-Time High
The bitcoin mining difficulty has once again clocked a new all-time high on January 29. The 4.68% adjustment pushed the difficulty to 39.35 terahash per second over seven days, surpassing its previous record of 37.59 TH/s recorded on January 16th. The next adjustment is forecasted to take place on February 11 and increase by 3.63%, setting yet another ATH for the digital asset.
Implications of the Difficulty Increase
The increasing difficulty implies that more miners are plugging back into the network, securing it further and driving demand for bitcoin higher in the process. As BTC gets harder to mine, miners must up their hashrate in order to efficiently produce the same output as before.
Bitcoin Price Pullback
The bitcoin price experienced a drawdown after the difficulty adjustment, as there was resistance at $24,000 which added more selling pressure on BTC. However, it still remains above its 100-day and 200-day moving averages – both key support levels – indicating that it is still firmly within a bullish trend overall.
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The recent bitcoin mining difficulty increase shows that more miners are joining the network and actively competing to secure it further while driving demand for BTC higher in the process. Despite seeing some pullback due to resistance at $24k, BTC remains above its long term support levels which indicates that it’s still strongly within an uptrend overall – good news for holders of this digital asset!