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


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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
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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. 

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