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Jito Jito (JTO) $2.04 ↑ 2.17%
Bitcoin Bitcoin (BTC) $119,376.22 ↑ 1.06%
Ethereum Ethereum (ETH) $3,733.21 ↑ 3.96%
XRP XRP (XRP) $3.24 ↓ -0.29%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.01%
BNB BNB (BNB) $785.11 ↑ 1.80%
Solana Solana (SOL) $189.32 ↓ -0.06%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↓ -0.83%
TRON TRON (TRX) $0.32 ↑ 1.88%
Cardano Cardano (ADA) $0.83 ↑ 1.31%
Hyperliquid Hyperliquid (HYPE) $42.81 ↓ -1.01%
Stellar Stellar (XLM) $0.44 ↑ 2.14%
Sui Sui (SUI) $3.86 ↑ 4.30%
Chainlink Chainlink (LINK) $18.53 ↑ 2.76%
Hedera Hedera (HBAR) $0.25 ↓ -0.99%
Bitcoin Cash Bitcoin Cash (BCH) $521.06 ↑ 1.97%
Avalanche Avalanche (AVAX) $24.27 ↑ 1.55%
Litecoin Litecoin (LTC) $113.69 ↑ 0.53%
UNUS SED LEO UNUS SED LEO (LEO) $8.95 ↓ -0.12%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -0.20%
Toncoin Toncoin (TON) $3.19 ↑ 1.04%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Polkadot Polkadot (DOT) $4.10 ↓ -1.60%
Uniswap Uniswap (UNI) $10.40 ↑ 3.27%
Monero Monero (XMR) $326.90 ↑ 3.28%
Bitget Token Bitget Token (BGB) $4.63 ↓ -0.50%
Pepe Pepe (PEPE) $0.00 ↑ 0.11%
Dai Dai (DAI) $1.00 ↑ 0.02%
Aave Aave (AAVE) $292.70 ↑ 0.67%
Cronos Cronos (CRO) $0.13 ↑ 6.63%
Bittensor Bittensor (TAO) $431.30 ↑ 0.28%
Ethereum Classic Ethereum Classic (ETC) $22.83 ↑ 1.55%
NEAR Protocol NEAR Protocol (NEAR) $2.79 ↑ 1.55%
Pi Pi (PI) $0.45 ↓ -1.03%
Ondo Ondo (ONDO) $1.08 ↑ 4.86%
Ethena Ethena (ENA) $0.49 ↑ 5.43%
Aptos Aptos (APT) $4.73 ↓ -3.93%
Internet Computer Internet Computer (ICP) $5.66 ↑ 1.01%
OKB OKB (OKB) $48.42 ↓ -1.03%
Bonk Bonk (BONK) $0.00 ↑ 6.80%
Kaspa Kaspa (KAS) $0.10 ↓ -4.01%
Mantle Mantle (MNT) $0.76 ↓ -6.15%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.37%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↑ 0.37%
Algorand Algorand (ALGO) $0.27 ↑ 0.76%
Arbitrum Arbitrum (ARB) $0.44 ↑ 1.29%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.05%
VeChain VeChain (VET) $0.03 ↑ 0.08%
Render Render (RENDER) $4.21 ↑ 0.39%
GateToken GateToken (GT) $17.63 ↓ -0.64%
Worldcoin Worldcoin (WLD) $1.18 ↓ -1.53%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.10 ↓ -0.17%
Sei Sei (SEI) $0.33 ↓ -0.05%
Cosmos Cosmos (ATOM) $4.73 ↑ 0.16%
Sky Sky (SKY) $0.09 ↑ 0.36%
Filecoin Filecoin (FIL) $2.65 ↓ -0.31%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.75 ↑ 1.15%
SPX6900 SPX6900 (SPX) $1.90 ↓ -1.92%
Jupiter Jupiter (JUP) $0.55 ↓ -3.32%
Flare Flare (FLR) $0.02 ↑ 2.45%
Story Story (IP) $5.35 ↑ 10.19%
KuCoin Token KuCoin Token (KCS) $12.15 ↑ 0.76%
Quant Quant (QNT) $122.43 ↑ 0.74%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.03%
Fartcoin Fartcoin (FARTCOIN) $1.41 ↓ -8.97%
Injective Injective (INJ) $13.92 ↑ 0.80%
XDC Network XDC Network (XDC) $0.09 ↓ -3.57%
Four Four (FORM) $3.56 ↑ 2.51%
Celestia Celestia (TIA) $1.88 ↓ -4.47%
Curve DAO Token Curve DAO Token (CRV) $0.99 ↑ 5.26%
Stacks Stacks (STX) $0.81 ↑ 0.82%
Optimism Optimism (OP) $0.71 ↑ 1.17%
FLOKI FLOKI (FLOKI) $0.00 ↓ -1.41%
dogwifhat dogwifhat (WIF) $1.09 ↓ -7.21%
Ethereum Name Service Ethereum Name Service (ENS) $29.35 ↑ 4.67%
Immutable Immutable (IMX) $0.56 ↓ -1.96%
The Graph The Graph (GRT) $0.11 ↑ 2.57%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↓ -7.28%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -24.16%
Kaia Kaia (KAIA) $0.17 ↑ 0.25%
Lido DAO Lido DAO (LDO) $1.10 ↑ 1.17%
Sonic Sonic (S) $0.34 ↓ -1.78%
Tezos Tezos (XTZ) $0.91 ↑ 2.11%
PAX Gold PAX Gold (PAXG) $3,375.81 ↓ -0.63%
Vaulta Vaulta (A) $0.59 ↓ -1.97%
PancakeSwap PancakeSwap (CAKE) $2.68 ↓ -1.76%
Conflux Conflux (CFX) $0.18 ↑ 5.35%
Theta Network Theta Network (THETA) $0.89 ↓ -2.46%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -2.19%
Nexo Nexo (NEXO) $1.32 ↓ -0.13%
Raydium Raydium (RAY) $3.18 ↑ 4.09%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.01%
Tether Gold Tether Gold (XAUt) $3,370.18 ↓ -0.59%
IOTA IOTA (IOTA) $0.21 ↓ -1.49%
Gala Gala (GALA) $0.02 ↓ -2.57%
The Sandbox The Sandbox (SAND) $0.31 ↓ -0.94%
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Pendle Pendle (PENDLE) $4.45 ↑ 0.74%
Pyth Network Pyth Network (PYTH) $0.13 ↓ -3.00%
Jito Jito (JTO) $2.04 ↑ 2.17%
Home Cryptocurrency

Bitcoin Mining Difficulty Set to Increase by 11% on July 31

Salar Khan by Salar Khan
31 July 2024
in Cryptocurrency
Reading Time: 3 mins read
0
Bitcoin Mining Difficulty Set to Increase by 11% on July 31

Bitcoin Mining Difficulty Set to Increase by 11% on July 31

Bitcoin mining is about to become more challenging as its network difficulty is set to rise by a significant 11% on July 31 at 8 A.M. This adjustment reflects the surge in the hash rate seen over the past few weeks and marks the largest increase in Bitcoin Mining Difficulty since October 2022, a month before the FTX collapse. The impending change sheds light on how Bitcoin mining is changing and how it affects both miners and the stability of the network as a whole.

Table of Contents

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  • Record-Breaking Hash Rate Spurs Difficulty Increase
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    • Next Big Stampede? Whales Circle MoonBull – New Meme Coin Craze Grows as SLERF Sways  and Cheems Stirs the Crowd
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  • End of Miner Capitulation: A Positive Indicator
  • Consequences for Bitcoin Miners and the Network
  • The Broader Impact on Bitcoin’s Future

Record-Breaking Hash Rate Spurs Difficulty Increase

On July 26, the Bitcoin network reached an all-time high hash rate of approximately 670 exahashes per second (EH/s), based on a 7-day moving average. This recent peak represents an 11% increase over the preceding week. The heightened hash rate, driven by increased miner participation and efficiency, has necessitated the adjustment in Bitcoin Mining Difficulty.

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Bitcoin Mining Difficulty Set to Increase by 11% on July 31
Bitcoin Mining Difficulty Set to Increase by 11% on July 31

According to data from Glassnode, the upcoming difficulty adjustment is poised to be the largest since October 2022. The significant increase underscores the dynamic nature of the Bitcoin network, where miner competition and technological advancements continuously drive changes in mining difficulty.

End of Miner Capitulation: A Positive Indicator

The increased hash rate has led to a critical signal in the mining community—the hash ribbon indicator. This technical indicator is used to identify periods of miner distress and recovery. The recent signal indicates the end of a miner capitulation that lasted just over two months, one of the longest in recent years.

Miner capitulation occurs when mining becomes unprofitable for a segment of miners, leading them to shut down their operations. The hash ribbon indicator signaling the end of this period suggests improved miner profitability and enhanced network stability. This recovery is a positive development for the Bitcoin ecosystem, as it signifies resilience and adaptability within the mining sector.

Consequences for Bitcoin Miners and the Network

The upcoming increase in Bitcoin Mining Difficulty will have notable implications for miners and the network. For miners, the adjustment means that more computational power is required to mine new blocks, increasing the competition and operational costs. This may impact smaller mining operations that struggle to keep up with the rising difficulty.

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Bitcoin Mining Difficulty Set to Increase by 11% on July 31
Bitcoin Mining Difficulty Set to Increase by 11% on July 31

However, the adjustment also reflects a robust and secure Bitcoin network. A higher mining difficulty indicates a more resilient network, as it becomes increasingly challenging for malicious actors to manipulate the blockchain. The continuous evolution of Bitcoin Mining Difficulty ensures the integrity and security of the cryptocurrency.

The Broader Impact on Bitcoin’s Future

The projected increase in Bitcoin Mining Difficulty coincides with key advancements in the cryptocurrency sector. The network’s adaptation to variations in hash rate and mining efficiency demonstrates the Bitcoin ecosystem’s continual growth and maturation.

Bitcoin mining plays a crucial role in maintaining the network’s decentralization and security. The upcoming adjustment in Bitcoin Mining Difficulty is a testament to the network’s ability to self-regulate and adapt to shifting conditions. This adaptability is vital for the long-term sustainability and success of Bitcoin as a leading cryptocurrency.

The end of miner capitulation, signaled by the hash ribbon indicator, further emphasizes the resilience of the Bitcoin mining community. Improved miner profitability and network stability are positive signs for the future, indicating that the ecosystem can withstand periods of difficulty and emerge stronger.

In conclusion, the upcoming 11% increase in Bitcoin Mining Difficulty on July 31 reflects the significant rise in hash rate and marks the largest adjustment since October 2022. This development signals the end of a prolonged period of miner capitulation, indicating improved profitability and stability within the mining community. As Bitcoin continues to evolve, the network’s ability to adapt and self-regulate will remain crucial for its sustained growth and security.

Tags: bitcoinBitcoin miningBitcoin Mining Difficultyhash rate
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