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Bitcoin Mining Difficulty continues to rise: 37% more difficult to mine BTC than 3 months ago, Difficulty nears 20 Trillion

Bitcoin’s Mining Difficulty Continues to Rise, 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion

Bitcoin’s hashrate has been climbing steadily over the last three months and rose more than 40% after the network’s hashpower was below 90 exahash per second (EH/s) on July 5. This trend has resulted in five consecutive bitcoin mining difficulty accruals. Another increase is expected during the next transition.

Hashrate Steadily Increasing, Antpool Commands Top Place, Unknown Hashrate Returns

The overall Bitcoin (BTC) hashrate has been slowly but steadily rising higher during the last 90 days. The network’s current processing power is coasting along at 130 EH/s, and three months ago the hashpower was 40% lower than today.

In the last 24 hours, Antpool has been the top mining pool dedicating hashrate to the BTC network with 29.7 EH/s or 20. 47% of the global hashrate. Antpool is followed by F2pool with 23. 58 EH/s or 16.2% of BTC‘s overall hashrate, and Pooling captures 13.2% of the network or 19.2 EH/s.

Other top pools dedicating vast amounts of hashrate to the BTC network include operations such as Viabtc, Foundry USA, and Btc.com, respectively. Bitcoin.com News reported the disappearance of large amounts of unidentified hashrate during the last hashrate reports, but a small amount of stealth mining was recently found to have returned. 1. 86 EH/s or 1. 28% of the global hashrate currently belongs to unknown mining entities.

Bitcoin Mining Difficulty Expected To Increase for the 6th Time in A Row

As BTC‘s hashrate has increased and mining pools have been shuffling around, the network’s mining difficulty is expected to increase for the sixth time in a row. It is currently at 2. 99% to 19. 57 trillion, getting awfully close to the 20 trillion mark. Currently, BTC‘s mining difficulty is 19. 00 trillion. 2. 99% increase will mean it will be 37% more difficult to mine bitcoin than it was on July 30.

Bitcoin’s Mining Difficulty Continues to Rise, 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion

The upcoming increase is similar in size to the difficulty increase two weeks ago which was roughly 3.16%. The biggest jump in the consecutive run of difficulty rises was on August 25, at block height 697,536, when the difficulty jumped approximately 13.24%. Following five consecutive difficulty adjustment algorithm decreases, the consecutive increase in mining difficulty follows.

What do you think about Bitcoin’s hashrate this week and the upcoming mining difficulty increase? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, btc.com,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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