{"id":394542,"date":"2024-05-25T11:30:38","date_gmt":"2024-05-25T06:00:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=394542"},"modified":"2024-05-25T09:56:30","modified_gmt":"2024-05-25T04:26:30","slug":"bitcoin-mining-gets-tougher-good-news-for-btcs-price-or","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-mining-gets-tougher-good-news-for-btcs-price-or\/","title":{"rendered":"Bitcoin mining gets tougher &#8211; Good news for BTC&#8217;s price or&#8230;"},"content":{"rendered":"<ul>\n<li><em>The rise in difficulty propelled a hike in daily miners&#8217; revenue<\/em><\/li>\n<li><em>A lot of miners cashed out their BTC, suggesting the coin&#8217;s price might fall<\/em><\/li>\n<\/ul>\n<p>According to on-chain data from Glassnode, <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC]<\/a> mining difficulty spiked to a significant high from its lows of 22 May. Bitcoin mining difficulty measures how challenging and time-consuming it is to find the right hash for each block.<\/p>\n<p>Mining difficulty does not always affect the value of BTC. However, it impacts its perceived value and scarcity. An increase in difficulty implies a surge in hash power. In turn, blocks might not be solved faster and the block time could be as high as 10 minutes.<\/p>\n<p>In terms of the price, an <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Miners&amp;m=mining.DifficultyLatest&amp;s=1715338940&amp;u=1716548540&amp;zoom=14\" target=\"_blank\" rel=\"noopener\">increase<\/a> in this metric could be bullish. This, because miners might be attracted to validate more transactions on the network.<\/p>\n<figure id=\"attachment_394587\" aria-describedby=\"caption-attachment-394587\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase.png\"><img decoding=\"async\" class=\"wp-image-394587 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase.png\" alt=\"Bitcoin mining difficulty spikes\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-difficulty-increase-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-394587\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>However, mining difficulty was not the only metric to skyrocket on the network. In fact, another metric that followed suit was Bitcoin&#8217;s hash rate.<\/p>\n<h4>As the difficulty rises, so does revenue<\/h4>\n<p>If Bitcoin&#8217;s <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=mining.HashRateMean&amp;s=1715338940&amp;u=1716548540&amp;zoom=14\" target=\"_blank\" rel=\"noopener\">hash rate is high<\/a>, it indicates that the network is secure and healthy. For investors, this hike serves as a reassurance that buying BTC could be profitable in the long term. However, this condition only works if the market condition is in a bull phase.<\/p>\n<p>On the other hand, a major decline in hash rate indicates changes or risks to the network. In situations like these, miners might find it difficult to generate profits from their operations.<\/p>\n<figure id=\"attachment_394590\" aria-describedby=\"caption-attachment-394590\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price.png\"><img decoding=\"async\" class=\"wp-image-394590 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price.png\" alt=\"Bitcoin hash rate spikes\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-hash-rate-and-price-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-394590\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>As expected, the impact of the hike in mining difficulty and the hash rate was reflected in miners&#8217; revenue. In fact, at the time of writing, on-chain data revealed that miners&#8217; revenue had a figure of 558.057 BTC<\/p>\n<p>This seemed to indicate that operators have worked towards confirming more new transactions on the block, compared to how it was on 21 May.<\/p>\n<h4>Not everyone is HODLing<\/h4>\n<p>AMBCrypto also looked at the Miner Net Position Change. At press time, the metric had a reading of -2.748.69 BTC. Miner Net Position Change tracks the 30-day change of the Bitcoin supply held in miner addresses.<\/p>\n<p>When this metric is <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=distribution.BalanceMinersChange&amp;s=1713958554&amp;u=1716550554&amp;zoom=30\" target=\"_blank\" rel=\"noopener\">positive<\/a>, it means that miners are accumulating more coins. However, the recent decrease which has been happening for the last two weeks means that miners are cashing out their holdings.<\/p>\n<p>As such, there is a chance that Bitcoin mining might become more difficult. For the <a href=\"http:\/\/ambcrypto.com\/bitcoin-will-see-a-price-correction-before-crossing-70k-heres-why\/\" target=\"_blank\" rel=\"noopener\">price action<\/a>, this could force another decline for the cryptocurrency.<\/p>\n<p>At press time, BTC was valued at $68,291, having appreciated by under 1% in 24 hours after a lot of sideways movement. The price action is worth keeping an eye on since Bitcoin holders might look for other opportunities to cash out going forward.<\/p>\n<h4>BTC in circulation drops<\/h4>\n<p>From an on-chain perspective, AMBCrypto also looked at the 24-hour active addresses. According to Santiment, the 24-hour active addresses on Bitcoin&#8217;s network were 747,000.<\/p>\n<p>This alluded to a significant hike from where the metric was on 23 May. Active addresses measure the daily interaction of users on a blockchain, meaning that the number of Bitcoin transactions has since risen.<\/p>\n<p>For the price, the hike in activity could <a href=\"https:\/\/app.santiment.net\/charts\/0Z2XN_LN__sCl\" target=\"_blank\" rel=\"noopener\">spur<\/a> price appreciation for the coin. However, that metric alone cannot determine BTC&#8217;s next direction. Hence, it&#8217;s worth considering the circulation too.<\/p>\n<figure id=\"attachment_394596\" aria-describedby=\"caption-attachment-394596\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity.png\"><img decoding=\"async\" class=\"wp-image-394596 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity.png\" alt=\"Activity on the Bitcoin network increases\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulation-and-activity-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-394596\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>At press time, the one-day circulation was down to 33,000, meaning that the number of coins engaged in transactions had fallen.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>Considering the hike in Bitcoin mining difficulty and the activity on the network, the crypto&#8217;s price could note an increase in the mid-term. On the targets front, the value could rebound towards $73,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin mining is in an interesting position right now. <\/p>\n","protected":false},"author":72,"featured_media":394621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-394542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin mining gets tougher - Good news for BTC&#039;s price or... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"According to on-chain data from Glassnode, Bitcoin&#039;s [BTC] mining difficulty spiked to a significant high from its lows of 22 May...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-mining-gets-tougher-good-news-for-btcs-price-or\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin mining gets tougher - Good news for BTC&#039;s price or... - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin mining is in an interesting position right now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/bitcoin-mining-gets-tougher-good-news-for-btcs-price-or\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-25T06:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-mining-news.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Victor Olanrewaju\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/vic_olanrewaju\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Victor Olanrewaju\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/bitcoin-mining-gets-tougher-good-news-for-btcs-price-or\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/bitcoin-mining-gets-tougher-good-news-for-btcs-price-or\\\/\"},\"author\":{\"name\":\"Victor Olanrewaju\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/adb85c1ce0574a1ee41039ff452315e5\"},\"headline\":\"Bitcoin mining gets tougher &#8211; 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