Bitcoin miners have never been so difficult. . .
According to data from the Bitcoin blockchain browser, the cryptocurrency mining difficulty level, which ranks first in market capitalization, set a new record at 5:55 am UTC on September 20. Since January 2020, the difficulty of Bitcoin (BTC) has risen by 40%.
Bitcoin (BTC) mining difficulty hits a record high
After a substantial adjustment last week, the network difficulty of Bitcoin (BTC) has increased by 11.35%. This increases the difficulty of mining to 19.314T, which cannot be ignored. According to the estimates of Glassnode analysts, this adjustment is the top three upward adjustments in the past few years.
Therefore, this adjustment will more significantly increase the difficulty of the Bitcoin (BTC) network and squeeze the less powerful miners to leave the mining market. At the same time, since May of this year, the whole network hashrate of Bitcoin, which dropped to the location, has seen the strongest increase to 140EH, and the peak has reached 150EH. The whole network hashrate reflects the high rise of Bitcoin mining activities in the short term.
Generally, positive hash rate adjustments reflect the enthusiasm of miners, who have increased their business activities waiting for profit. In contrast, the most obvious increase occurred after the painful price drop.
For example, Black Thursday in March 2020 caused the difficulty of Bitcoin (BTC) to drop by 15%, and during the cold winter of cryptocurrency at the end of 2018, three consecutive downward adjustments reduced one degree by nearly 33%.
September to test Bitcoin (BTC) bulls
The difficulty indicator shows how difficult it is currently to mine a Bitcoin (BTC) block. Difficulty reflects how many miners are participating in the process of Bitcoin (BTC) mining-competing for hash calculation results. Although this number is not stable, the average time required for Bitcoin (BTC) block mining is about 10 minutes.
In order to avoid block time fluctuations, the difficulty of Bitcoin (BTC) is automatically adjusted every 2016 blocks, about once every two weeks.
So far, September has indeed been challenging for Bitcoin (BTC) holders. After the second attempt to maintain the price above $12,000, Bitcoin (BTC) plummeted by 15% in two days. However, as historical media reports have shown, September usually does not show any mercy to Bitcoin holders.
According to Avi Felman, a trader at investment company BlockTower Capital, in the past seven years, Bitcoin (BTC) has only managed to make a profit twice in September. In 2017, 2018 and the first few months of the fourth quarter of 2019, Bitcoin fell by 8%, 6% and 15%, respectively.
