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Bitcoin Mining Activity Surges Amid High Difficulty: Bitfinex
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Bitcoin miners’ activities continue to pique global interest, showing a rise in BTC mining activity, according to a report from Bitfinex.One particular development is the Bitcoin mining difficulty hitting an all-time high, which signals a more robust network and a heightened miner optimism.Bitfinex Report page 23The BTC network difficulty has surged to 6.45, meaning that there is an increased amount of power going to the miners to solve the computational equation to make a newborn Bitcoin. This also means that miners need to use more resources to power and cool the machines:“An increase in mining difficulty implies more computational power has been committed to securing the Bitcoin network, which is often seen as a sign of increased network health. It could indicate more miner confidence in the profitability of mining, possibly due to a higher Bitcoin price or more efficient mining hardware.”While miners are committing additional resources to mining, increasing the difficulty in the process, they also appear to be cautiously offloading Bitcoin onto exchanges.
One particular mining pool, Poolin, has been making waves, leading the transfer of large BTC volumes onto exchanges. Some observers posit this move as an attempt at risk mitigation or hedging, while others perceive it as a response to an upsurge in institutional interest in Bitcoin and its mining derivatives.Bitfinex report page 22Patterns in investor behavior mirror miners’ bullish outlook.
www.newstodayjournal.com/bitcoin-mining-activity-surges-a...
Bitcoin Mining Activity Surges Amid High Difficulty: Bitfinex
Share this article
Bitcoin miners’ activities continue to pique global interest, showing a rise in BTC mining activity, according to a report from Bitfinex.One particular development is the Bitcoin mining difficulty hitting an all-time high, which signals a more robust network and a heightened miner optimism.Bitfinex Report page 23The BTC network difficulty has surged to 6.45, meaning that there is an increased amount of power going to the miners to solve the computational equation to make a newborn Bitcoin. This also means that miners need to use more resources to power and cool the machines:“An increase in mining difficulty implies more computational power has been committed to securing the Bitcoin network, which is often seen as a sign of increased network health. It could indicate more miner confidence in the profitability of mining, possibly due to a higher Bitcoin price or more efficient mining hardware.”While miners are committing additional resources to mining, increasing the difficulty in the process, they also appear to be cautiously offloading Bitcoin onto exchanges.
One particular mining pool, Poolin, has been making waves, leading the transfer of large BTC volumes onto exchanges. Some observers posit this move as an attempt at risk mitigation or hedging, while others perceive it as a response to an upsurge in institutional interest in Bitcoin and its mining derivatives.Bitfinex report page 22Patterns in investor behavior mirror miners’ bullish outlook.
www.newstodayjournal.com/bitcoin-mining-activity-surges-a...