Bitcoin mining difficulty reaches historic highs-and analysts say it's bullish

Published on by Cryptoslate | Published on

Bitcoin's mining difficulty saw a 10 percent upward adjustment today, causing hash rates to reach a historic all-time high of 17 trillion.

Changes in mining difficulty alter the environment for Bitcoin miners, causing many to either leave the business or purchase better rigs to continue.

Data on shows Bitcoin hash rate difficulty has crossed 17 Trillion.

Analysts say this might cause widespread miner capitulation and see "Weaker" miners leave the network.

Smaller miners continued their business, and overall activity was not affected.

As CryptoSlate reported previously, Bitcoin's most dominant miners have no incentive to launch a 51% attack on the network-even as they increasingly become "Stronger."

The network may see a downward adjustment if miners are not able to process blocks quickly.

Higher hash rates mean higher costs for miners; who sell BTC at higher prices to keep their rigs running.

All Halvings have had another capitulation - Miners are running at break even today.

As per Edwards' blog, the long-only Hash Ribbon calculates miner capitulation and sentiment to identify entry opportunities in Bitcoin.