Jump to content
MiracleRolling

The difficulty of BTC increases - BTC move to $8k - Up Signal?

Featured Comment

Posted (edited)

This year is the most dramatic year for Bitcoin for many reasons. Despite the ongoing price plight, the hashrate is quickly coming back, signaling that the mining industry has not given up on No. 1 cryptocurrency.

The difficulty of the Bitcoin network is increasing again in response to the increasing competition among miners. In fact, the difficulty is once again at a level that corresponds to the price of over $ 8,000.
Miner is still interested in Bitcoin despite the recent volatility

The leading cryptocurrency currently trades for $ 7,272, approximately the opening in 2020 of about $ 7,230.

After strong strides in the first two months of the year, Bitcoin began to plummet with a series of macro events such as the Corona virus panic, OPEC and Russia agreements broken to boost oil prices. The sharp price drop from 10,400 to less than $ 4,000 in a month not only scared investors but also hashrate reduction. Because Bitcoin mining is largely dependent on huge amounts of electricity, the profitability of implementing hash power online is strongly correlated with the price of Bitcoin itself. When the price drops, the miner is forced to stop working, making it difficult to decrease.

After the price plummeted, investors started to come back. By the time the price rises above the 2020 opening level, so will the miners. Industry watcher and CIO of Altana Digital Currency Fund Alistair Milne pointed out that the difficulty is also increasing again on the Bitcoin network:
 

https://twitter.com/alistairmilne/status/1248184775443128320

 

Edited by MiracleRolling

Share this post


Link to post
Share on other sites
Posted (edited)

Unfortunately with the current market's behavior- exogenously and endogenously- the difficulty of mining will only do no good at all. Investors are just using BTC to guard their real money value once its tangibility deteriorates. 

Edited by Aiza824 | CoViD-19 Pandemic.

Share this post


Link to post
Share on other sites

I think everyone think bitcoin price go down this time but last few days bitcoin price increase. I think this time mostly business not working that's why so many new investors invest money in bitcoin that's why bitcoin market not go down.

Share this post


Link to post
Share on other sites

There will be a great change in coming mining as bitcoin halving is coming very soon somewhere in May 2020 and block reward will be down by half so miner will get less reward and that might increase the price and transaction fees, but it might move some miners out as the reward will be half after that, but it will impact on difficulty and it will be reduced as there will be less miners.  I think coming bitcoin halving in May will have a big impact on bitcoin. 

Share this post


Link to post
Share on other sites

To be honest, it's more like the normal thing for cryptocurrencies. There have huge dumps in the past, as well as huge leaps. There is nothing to worry about, it's just about investing in the right time and selling in the right time. Bitcoin will never perish. 

Share this post


Link to post
Share on other sites

Everyone thought that bitcoin price won't increase because of stock market still down but unfortunately nowadays people invest on bitcoin..maybe for this reason bitcoin not stable...i am also invest on btc yesterday

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×