Bitcoin mining difficulty has reached an all-time high, hitting 55.62 trillion hashes. Analysts believe that this increase indicates that miners view the current BTC price as fair or potentially undervalued.
The mining difficulty level has been steadily rising since the Chinese crackdown in July 2021, which caused many mining operators to go offline. The next difficulty adjustment is expected to occur in early September, leading to a further increase to 56.37 trillion hashes.
On-chain metrics also indicate that miners are accumulating Bitcoin, adding to the perception that they have confidence in the digital asset’s future value. The mining community seems to be investing more resources into mining Bitcoin at current prices, which suggests potential profitability.
This observation aligns with data showing an accumulation of Bitcoin in miner wallets since June 20. Overall, the all-time high mining difficulty level and the low selling rate from miners demonstrate a positive sentiment and belief in the long-term value and potential rebound of Bitcoin.
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