BTC has been going through really hard times. In fact, at present, it is experiencing perhaps the worst bearish trend in recent times. It has been a nightmare for BTC users. In fact, various factors, one after another, contributed to this bearish run of Bitcoin and added to the misery of the users. The price of Bitcoin kept dropping as rapid liquidations set in. At the time of writing the article, the price of Bitcoin stands at $20,182.
However, recent on-chain data hints at a positive future ahead. In a world of negativity, this on-chain data seems to be the light at the end of the tunnel for Bitcoin users. BTC.com’s on-chain data suggests that Bitcoin’s network difficulty reached a new all-time high on the 31st of August. Now, this is definitely positive news for BTC users and enthusiasts.
Therefore, if you wish to learn more about this optimistic aspect of the Bitcoin market, then this article is the perfect stop for you. Keep reading the article to know more about the recent trend in Bitcoin’s network difficulty and hash rate.
BTC: The Highest Difficulty Jum in 2022
According to the on-chain data of BTC.com, both difficulty and hash rate are climbing. This in turn shows the belief among the BTC miners that their participation will bring them long-term profitability. In addition, this data also points to the fact that in the short-term scenario, the mining sector is accepting lower profits versus costs.
The difficulty, at present, stands at the highest ever mark, adding 9.26% at its Aug. 31 automated readjustment. In fact, this also suggests that the competition among the miners is really a healthy one. Back in January, the difficulty soared high enough to reach 9.32%. In fact, before that, another soar in the difficulty was observed in August 2021 (13.24%).
Along with this, BTC.com also points out that the hash rate stands at an average of 221 EH/s. In fact, this is just a bit short of the highest ever recorded hash rate of 223 EH/s. This is yet another good news for the BTC world.
The increase in difficulty and hash rate is indeed a positive thing in the otherwise gloomy atmosphere of BTC in 2022. In fact, BTC ended August with a 13% decline. Glassnode, an on-chain analytics firm opined that this rise in the fundamentals will be helpful in adding a positive note to the sour atmosphere of BTC.