Bitcoin (BTC) mining is up nearly 11% on January 9, according to BTC.com data. This is the largest increase in almost four months, and for the first time in history, it will reach a scale of over 20 trillion.

“Hashrate for a tear!” A popular bitcoin trader came out under a pseudonym three days ago. “When the difficulty changes in 3 days, it will go beyond 20T for the first time in Bitcoin history.”

The complexity of the Bitcoin network reaches 20 trillion.
Network issues are a relative measure of how difficult it will be to extract a new bitcoin chain.

Since the hash rate is currently at a record high of around 148 EH / s, the difficulty adjustment that occurs every block in 2016 ensures that the time between fetched blocks remains on average 10 minutes.

Miners remain optimistic
Meanwhile, the simultaneous high degree of fragmentation and the complexity of mining indicate that miners continue to spend record amounts of resources on securing and investing in the network.

Full outflow of BTC from bimetallic addresses. Source: CryptoQuant
After cutting in half in May, the total BTC outflow from the two metals has gradually declined on average – in contrast to BTC / USD. As such, miners are still showing no signs of a big sell-off despite the bitcoin price topping $ 41,000 last week.

In addition, the Miners Center Index (MPI), which calculates the percentage of BTC that leaves all mining portfolios at an annual moving average, is currently 4.5. Values ​​above 2 indicate that most miners should be selling.

This indicates that miners are reluctant to leave the newly minted bitcoins at the moment, especially as BTC reserves in the stock market are falling and the price is in a strong and accelerating trend.

Thus, according to some forecasts, it might make sense for some miners to leave their shares and take advantage of the accelerating beef market, which could last until December 2021.

Meanwhile, each new network record refutes the fear of a “mining death spiral,” as the underlying Bitcoin networks seem stronger than ever. Overall, bitcoin miners appear to be financially safe from the rising price of BTC, and they remain financially secure, even though it was not difficult to break BTC.

According to the latest data from Clarkmoody, currently each recovered BTC value is around $ 253,600, which is about 9.44% of network transaction fees.

Source: CoinTelegraph

LEAVE A REPLY