Bitcoin Mining Difficulty Reaches All-Time High of 127.6 Trillion
Bitcoin mining difficulty reached a record high of 127.6 trillion, requiring more computing power for miners to validate transactions. A slight decrease of around 3% is anticipated on August 9, lowering the difficulty to about 123.7 trillion.
Increased Miner Participation
- More miners are joining the network, enhancing security and decentralization.
- This trend follows a decline in June when difficulty dropped to 116.9 trillion.
JUST IN: $BTC MINING DIFFICULTY HITS NEW ALL-TIME HIGH
Source: @BTCTN
Mining Profitability
- Despite rising difficulty, miner earnings remain strong at $52.63 million per exahash per day.
- The 7-day moving average of miner outflows decreased nearly 49%, averaging just 0.61 BTC moved.
- This indicates miners are holding onto their assets, anticipating further price increases or already achieving sufficient profitability.
ETFs Milestone
- The combined assets under management of gold and Bitcoin ETFs surpassed $500 billion.
- Gold ETFs account for approximately $325 billion, while Bitcoin ETFs reached $162 billion, up from $20 billion prior to the launch of US spot Bitcoin ETFs.
- Bitcoin's price increased by roughly 175% since these ETFs launched, compared to gold's 66% gain.