Bitcoin’s price has dropped below $26,000, resulting in a 15% monthly loss. However, despite the price decline, Bitcoin’s network fundamentals, such as mining difficulty and hash rate, have remained strong.
Key Points:
1. Bitcoin’s mining difficulty has reached an all-time high of 55.62 trillion hashes.
2. The next difficulty adjustment is predicted to increase mining difficulty from 55.62 T to 62.61 T in September.
3. The network hash rate has only decreased by 13% from its peak of 465 EH/s.
4. More mining rigs have been deployed this year, leading to the uptrend in hash rate.
5. The decline in mining rig costs has prompted miners to position themselves strategically for the upcoming halving event.
Closing: Despite the drop in Bitcoin’s price, the network’s mining difficulty and hash rate have remained resilient. This indicates the continued interest and investment in Bitcoin mining, with miners taking advantage of the situation and positioning themselves for future profitability.
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