Hashrate Climbs 25 EH/s in 8 Days as Bitcoin Miners Adjust to Network Difficulty Reduction

August 18, 2024 Bitcoin.com

Bitcoin

While Bitcoin’s hashprice has been languishing below $44 per petahash per second (PH/s) each day, the network’s hashrate is beginning to climb once more. Between Aug. 9 and Aug. 17, the hashrate increased from 612 exahash per second (EH/s) to 637 EH/s, adding 25 EH/s over eight days. Miners Increase Bitcoin’s Hashrate After Difficulty Decline […]

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Bitcoin Difficulty Reduction Incoming? Miners Brace for a Major Shift on Aug. 14

August 11, 2024 Bitcoin.com

Bitcoin

Following the latest difficulty change 11 days ago when the metric increased by 10.5%, Bitcoin’s difficulty is estimated to shift downward between 4% to 5.3% on Aug. 14. Bitcoin’s All-Time High Difficulty Faces Estimated Reduction Bitcoin miners may get some relief in three days when the difficulty retarget shifts following the largest difficulty rise so […]

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Cryptoquant Insights: Bitcoin Miners See Revenue Boost as Hashrate Soars

July 31, 2024 Bitcoin.com

Bitcoin

Bitcoin miners are witnessing a resurgence in activity as the network’s hashrate approaches all-time highs, according to the latest research from Cryptoquant. This recovery is attributed to improved revenues, which have led to a reduction in selling pressure from miners. Miners Hold Steady: Bitcoin Hashrate Rises, Selling Pressure Decreases The latest onchain market activities report […]

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Bitcoin Network Faces Toughest Mining Difficulty Increase Since 2022

July 31, 2024 Bitcoin.com

Bitcoin

The Bitcoin network has recently experienced its most significant difficulty adjustment since October 2022, with a 10.5% increase driving the metric to a record 90.67 trillion. This heightened challenge, combined with falling bitcoin prices, is intensifying the strain on miners. Miners Struggle as Bitcoin Difficulty Reaches New Peak On Wednesday, at block height 854,784, Bitcoin’s […]

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Bitcoin ETFs have 4-8X more BTC price influence than miners — Research

July 18, 2024 Coin Telegraph

Bitcoin

Bitcoin miners' "market influence" pales in comparison to the ETFs and exchanges when it comes to BTC price pressure, says Glassnode.

Bitcoin (BTC) miners have increasingly little impact on BTC price action during sell-offs, new research confirms.

In the latest edition of its weekly newsletter, “The Week Onchain,” analytics firm Glassnode dispelled myths over Bitcoin miners driving markets lower.

Bitcoin miners may have seen tough times since the latest block subsidy halving cut the block reward by 50%, but they should be the least of bulls’ concerns.

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Analysts forecast $200K+ Bitcoin price after BTC’s bullish momentum returns

July 17, 2024 Coin Telegraph

Analysts forecast 0K+ Bitcoin price after BTC’s bullish momentum returns

bitcoin bull run

Bitcoin’s decisive move above $65,000 and miners' return to deep profitability could lead to BTC hitting $220,000.

Bitcoin could be headed to $220,000 after reclaiming key support levels during the current market recovery. This price target is based on historical Bitcoin miner capitulation patterns as observed by multiple crypto traders.

“The end of Miner Capitulation periods following Bitcoin Halvings” has historically preceded significant increases in BTC price “in the subsequent months and year,” pseudonymous crypto analyst Cryptonary wrote in a July 17 X post, when Bitcoin (BTC) was hovering just below $65,000.

The analysts shared a hash ribbons chart showing miner capitulation periods and their characteristics. The chart revealed that the end of miner capitulation in previous Bitcoin halving cycles has been followed by massive increases in BTC price: 5,110%, 3,346% and 591% increases post-miner capitulation during the 2012, 2016 and 2020 cycles, respectively.

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Bitcoin Miners Have Been ‘Extremely Underpaid’ Since Mid-June

July 13, 2024 Bitcoin.com

Bitcoin

Bitcoin miners have faced significant underpayment since mid-June, according to metrics from cryptoquant.com. As of now, the estimated value of 1 petahash per second (PH/s) of hashrate remains notably low at $47.79 per PH/s. Despite the revenue decline, Bitcoin’s hashrate is still just under the 600 exahash per second (EH/s) mark. Bitcoin Miners’ Earnings Plummet; […]

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Bitcoin Network Sees Second Largest Difficulty Reduction of 2024

July 7, 2024 Bitcoin.com

Bitcoin

On July 4, 2024, the Bitcoin network experienced its second-largest difficulty reduction since the year’s start. The mining difficulty decreased by 5%, falling from 83.67 trillion to 79.5 trillion. Second Major Difficulty Reduction of the Year Hits Bitcoin Network Bitcoin’s mining difficulty dropped by 5% this week at block height 850,752 on July 4. This […]

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Bitcoin Miners’ June Revenue Dips Slightly Below May

July 1, 2024 Bitcoin.com

Antpool

The revenue generated by bitcoin miners slightly declined in June, totaling $963.67 million, down from May’s $964.24 million. Additionally, the hashprice, or the expected value of one petahash per second (PH/s) of hashpower, decreased from $57 per PH/s to the current $48. Bitcoin Miners’ Hashprice and Revenue Decline in June Miners faced challenges during the […]

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Why are top Bitcoin traders bullish despite BTC price dip to $64.3K?

June 18, 2024 Coin Telegraph

Bitcoin

Bitcoin whales and miners remain cautiously optimistic, strengthening the bullish case for $64,300 support.

On June 18, Bitcoin's (BTC) price tumbled 5.6% over the course of the day to $64,300, reaching its lowest level in over a month.

The six-day downtrend coincided with macroeconomic data pointing to a slowdown in the U.S. economy, particularly in retail sales and employment. Meanwhile, the U.S. Federal Reserve has kept interest rates at their highest level in two decades. However, the resilience in the derivatives markets points to a potential BTC price recovery ahead.

U.S. retail sales increased a modest 0.1% from the previous month, below the economists' consensus of 0.3%, according to Yahoo Finance.

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