Bitcoin Mining Hashrate and Price Surge: BTC Heads Towards $70,000
Bitcoin (BTC) Mining Hashrate Surges Despite Market Events; Price Heads Towards $70,000
In a surprising turn of events, the Bitcoin (BTC) mining hashrate has not been affected by recent market events, including the collapse of CrowdStrike. The hashrate has actually experienced a significant increase, coinciding with the current rise in BTC price.
According to Coinwarz chart data, the current mining difficulty for BTC stands at 82.05 trillion. Block 853,077 reports a 0.00% increase in Bitcoin mining difficulty over the past 24 hours. The hashrate has seen a 3.21% growth in the last week, despite a 1.95% decrease in the past 30 days and a 5.02% drop in the prior 90 days.
The upcoming Bitcoin difficulty change is scheduled for July 31, 2024, at around 04:30:50 PM UTC. The difficulty is expected to rise from 82.05 trillion to 88.54 trillion, a change that will occur over 1,707 blocks.
Bitcoin mining difficulty is a crucial metric that measures the level of difficulty in mining the next block. It quantifies the number of hashes needed to find a solution for solving the next Bitcoin block and earning the mining reward.
Despite the market events, Bitcoin’s price has been on the rise, heading towards $70,000. The daily chart shows a V-shaped rebound from the $53,500 support level, leading to a 24.86% increase in BTC value, with Bitcoin now trading at $66,597 and a market capitalization of $1.315 trillion.
The current price of BTC is $67,151.90, reflecting a 0.77% increase in the past 24 hours. The rebound is attributed to various factors, including the resumption of inflows into spot Bitcoin ETFs. While the market capitalization has surged, the trade volume of Bitcoin has unexpectedly declined.
CoinMarketCap data shows a 29.14% increase in Bitcoin trading volume over the past 24 hours, with BTC holding the second-highest trading volume in the digital asset market at $23,328,879,874. With a steady BTC hashrate, Bitcoin is poised to achieve new milestones in the near future.
As the market continues to evolve, Bitcoin remains a key player in the digital asset space, with its mining hashrate and price showing resilience in the face of market challenges.
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