Bitcoin miners appear to be unfazed by the 10% drop in BTC/USD last week, as difficulty and hash rate have both hit new all-time highs. Difficulty increased by 6.17% at its latest biweekly automated readjustment, and is expected to reach over 56 trillion at the next readjustment. Hash rate is also challenging existing all-time highs of over 400 exahashes per second (EH/s).CryptoQuant contributor MAC_D commented that the increase in network security and reliability despite the price drop shows that investors have high confidence in the Bitcoin and Ethereum networks. He believes that the price drop despite the increase in intrinsic value of the two assets means that they are undervalued, and it can be considered a time to actively accumulate assets.Glassnode data shows that the amount of BTC held by mining entities has increased by 0.08% since the start of the month. This suggests that miners are not yet struggling when it comes to profitability.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
MAC_D, CryptoQuant, Glassnode |
| Currencies |
Bitcoin, Ethereum |
| Securities |
None |
