Bitcoin Hashrate Prints Sharp Recovery As BTC Price Eyes Rebound

The Bitcoin (BTC) mining hashrate has remained unfazed by the recent happenings in the market including the unfortunate CrowdStrike failure. It turns out that this hashrate registered a sharp recovery, coinciding with the ongoing BTC price rebound.

BTC Hashrate and Mining Difficulty Increases

According to Coinwarz chart, the current mining difficulty for BTC is now pegged at 82.05 trillion. This figure was recorded at block 853,077, resulting in a flat Bitcoin mining difficulty increase of 0.00% in the last 24 hours. Within the last 7 days, the BTC hashrate has registered a 3.21% increase. While the increase in the last 30 days saw a drop by 1.95%, the last 90 days has seen this metric drop by 5.02%.

The next Bitcoin difficulty adjustment is expected to happen on July 31, 2024 at about 04:30:50 PM UTC. On this day, the Bitcoin mining difficulty might increase from the current 82.05 trillion to 88.54 trillion which will take place in 1,707 blocks.

For context, BTC mining difficulty is a metric that shows how difficult mining the next block will be. It measures the number of hashes that needs to be generated to find a valid solution to solve the next Bitcoin block and earn the mining reward.

On a regular basis, the metric is adjusted. The addition of more hashing power to the Bitcoin difficulty means that the difficulty must increase to ensure blocks are not being generated too quickly. To control this, a difficulty re-target block is introduced to either increase or decrease the difficulty.

Bitcoin Heads Towards $70,000

Earlier today, the BTC price in the daily chart displayed a strong V-shaped recovery from the support of $53,500. Amid the BTC hashrate, the coin saw a bullish reversal that propelled its value by 24.86%, causing Bitcoin to trade at $66,597. Similarly, the market cap jumped to $1.315 trillion around the same time

Currently, BTC price is sitting at $67,151.90 after registering a 0.77% increase in the last 24 hours. This rebound is believed to have been fueled by different factors including inflow recovery of spot Bitcoin ETFs. Its market cap now comes in at $1.3 trillion after gaining amid the ongoing recovery. However, the current Bitcoin trading volume statistics lends the unexpected downtrend.

CoinMarketCap data shows that the last 24 hours have seen a 29.14% in the trading volume of Bitcoin. With a figure of $23,328,879,874, BTC is the second most traded position in the digital asset market. Overall, the prospect of Bitcoin breaking new grounds is high so long BTC hashrate stays stable.

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