Bitcoin Mining Difficulty Is Set To Grow 60% Quarterly as BTC Miners Get Bullish
The mining difficulty of the Bitcoin (BTC) network is set to grow at least 60% in the third quarter of the year. Data from Kevin Rooke, a well-known crypto analyst, seems to indicate that the mining difficulty will have expanded a lot when the quarter is over.
Rooke affirmed that the mining difficulty has gone up around 42% per quarter since 2016, but that this time the difficulty will get even higher. According to him, the growth has been big ever since the bear market was ended. The difficulty was already at an all-time high when the last quarter ended, so it is going to reach new highs soon.
In case you are not familiar with how the difficulty of mining is handled, you should know that it goes up when more people are mining and down when miners decide to stop mining. This is done in order that a single BTC block is mined around 10 minutes. The difficulty is adjusted every two weeks.
These recent changes seem to indicate that Bitcoin metrics are getting stronger than they ever were, which can be considered a great sign for the network. The difficulty is just one of the fundamentals that affect how well the network is faring, but most indicators seem to be going along fine.
The hash rate, for instance, is also reaching all time=highs and the prices may not be going up, as the $10,000 USD price range seems to be a strong barrier, but they are certainly holding up pretty well. This puts miners on bullish mode as they believe that prices will go up a lot in the next few months.