After the recent bullish wave in the cryptocurrency market, an increase of close to 10 percent was observed in Bitcoin mining difficulty.
The cryptocurrency market, which progressed with difficulties and bearish scenarios last year, has been witnessing increases since the first day of this year. Cryptocurrencies, which have continued to rise since the first day of the year, have created a bull mood in the market with the positive news. Asian news, in particular, aroused the appetite of crypto investors. After all these processes, an increase of 9.95 percent was observed in Bitcoin mining difficulty.
Crypto Rise Triggered: Bitcoin Mining Difficulty Increased!
According to an update on BTCcom, Bitcoin’s mining difficulty has increased by 9.95 percent after the recent spikes.
The rise of cryptocurrencies caused many factors in the background to take on a positive mood. Crypto miners, who were going through hard times, were able to relax a little after the crypto market experienced a rise. Falling power costs and rising earnings have brought more mining equipment online.
According to data provided by The Block, the global hashrate on the network has temporarily soared above 320 EH’s this week. Sharing his views on the subject, Luxor COO Ethan Vera said;
Network hashrate continues to move upwards as more efficient machines come to market, electricity prices fall, infrastructure is built, and the mining economy improves with Bitcoin price and sequential transaction fees.
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