From Investing.com

August 02, 2024 04:00:26 pm:

Bitcoin (BTC) mining difficulty hit a historic peak with a 10.5% increase, the largest ever recorded in absolute terms, according to Galaxy’s Head of Research Alex Thorn. This surge marks the 24th largest increase since 2016 and the 119th largest of all time.

The rise in mining difficulty indicates growing competition among miners as the Bitcoin network expands and becomes more complex post-halving.

Heightened mining difficulty could lead to higher operational costs for miners, impacting Bitcoin’s network security and mining efficiency. This may influence future price dynamics of the cryptocurrency.

Bitcoin’s price is currently at $62,800, with a 24-hour trading volume of $44.90 billion. The daily high was $65,600 and the daily low was $62,600, representing a 3.9% decline since the start of the trading session.

The significant increase in mining difficulty could impact the stability of Bitcoin’s price and the decision-making process of market participants.

The relationship between mining difficulty and Bitcoin’s price is not straightforward. While it may make mining harder, a more secure network could influence investor sentiment and market movements.

Read more at Investing.com: Bitcoin Skyrockets to New All-Time High in Mining Difficulty Amid Largest Increase Ever By U.Today