Bitcoin Records Third-Consecutive Increase in Mining Difficulty
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At press time, the difficulty is 30.98 trillion, only 0.27 billion below the network difficulty’s peak of 31.25 recorded on May 10, 2022.
Putting the current BTC price of $20K into consideration, the 9.26% difficulty increase is a huge blow to miners. The last three difficulty adjustments have made it 11.63% harder to find Bitcoin blocks and earn rewards. At block height 747,936 on August 4, BTC mining difficulty rose by 0’1.74%. Two weeks after that, it jumped by 0.63%. Finally, six days ago, it posted a record-breaking increase of 9.26%
Some days before the release of the recent difficulty numbers, Blocksbridge Consulting tweeted that it was expecting “a notable difficulty jump.” That same week, Bitcoin’s hashrate jumped to 282.21 exahash per second (EH/s). This hashrate was about 3.35% lower than the all-time high recorded on June 8. At press time, Bitcoin’s hashrate sits around 236.33 EH/s.
Key Bitcoin Levels to Watch — September 1
Bitcoin has returned to the sub-$20K area on Thursday after another failed attempt at $20.5K, following a slump from the $21.7K pivot top. At press time, the benchmark cryptocurrency scrapes around the $19.8K area after ending August’s candle with a 14% drawdown.
That said, BTC has begun September on a bearish footing as the US dollar rages on ahead of more quantitative tightening by the Fed in the coming weeks. Traders are now looking to the Ethereum Merge upgrade, slated for September 14, to infuse some positive sentiment into the market. Is this going to be the case, or will BTC continue on its bearish march towards $18K?
Meanwhile, my resistance levels are at $20,000, $21,000, and $21,700, and my key support levels are at $19,000, $18,000, and $17,500.
Total Market Capitalization: $963.6 billion
Bitcoin Market Capitalization: $378.5 billion
Bitcoin Dominance: 39.2%
Market Rank: #1
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