Bitcoin Mining Difficulty Hits Record Level – Why Is This A Bullish Sign For BTC Price?

Showing how hard it is to mine a block, Bitcoin mining difficulty has reached an all-time high with 55.62 trillion hashes.
Bitcoin mining difficulty is automatically adjusted by the protocol every two weeks or when 2,016 blocks are mined. These block intervals are called “epochs”.
The Bitcoin network aims to mine each block within 10 minutes.
If mining activity increases during an epoch, it reduces the mined time of a block by 10 minutes from its target. The network automatically increases the mining difficulty at the end of the epoch.
Similarly, if during an epoch a block takes an average of over 10 minutes to dig, the difficulty is reduced.
A record mining difficulty is a direct reflection of the increasing computing power of the Bitcoin network. Because more miners are entering the market to get a share of the network's Bitcoin extraction (6.5 BTC per block) and transaction fees.
The increase in Bitcoin mining difficulty is a good sign for the price.
Miners are important owners of Bitcoin supply, and if they are confident that prices will rise, this could result in a shortage of supply from a key segment of the Bitcoin market.
Bitcoin (BTC) is currently on track to end August, the worst month of the year, with a drop of less than 10%.
# GateioBountyCreator # # NewsMessenger # # GateLive # # contentstar #
# MyFancyCreator # HotTopicDiscussion