BTC mining

Bitcoin (BTC) may have hit six-week lows of under $20,000 but its network fundamentals are anything but bearish. The latest on-chain data shows that, far from capitulating, hash rate and difficulty are making snap gains. Data supports “doozy” difficulty jump Despite being down around 7% in a week, BTC/USD is not putting off miners, who have recently exited their own multi-month capitulation phase. Now, with hardware and competition returning to the network, fundamental indicators are firmly in “up only” mode as August draws to a close. This is neatly captured by difficulty — an expression of, among other things, the scale of competition among miners for block subsidies — which is due to increase by an estimated 6.8% next week. According to data from on-chain monitor...