Bitcoin difficulty jumps 6% to new peak as miners ignore BTC price dip

Bitcoin (BTC) network fundamentals are in no state of mind to follow bearish BTC price action this week.The newest on-chain information verifies that difficulty has hit new all-time highs, with hash rate not far behind.Bitcoin mining difficulty ends slumpDespite BTC/USD dropping 10% last week, Bitcoin miners appear to be taking the price recession in their stride.This was sealed in network activity on Aug. 22, as trouble increased by 6.17% at its most current biweekly automated readjustment.Not only was this enough to take trouble to new record highs, but it likewise marked Bitcoins sixth-largest difficulty uptick of 2023, figures from monitoring resource BTC.com show.Difficulty is a reflection of both miner competition and Bitcoin network security, and its upward trajectory recommends that miners are not yet having a hard time when it comes to profitability.The next automated readjustment is currently due to continue the pattern, taking difficulty over 56 trillion for the first time.Bitcoin network fundamentals introduction (screenshot). The BTC hashrate (SMA 14) shows greater figures throughout the decrease, which reveals that miners are more active in BTC mining. Source: GlassnodeSeparate data from on-chain analytics firm Glassnode shows little tangible modification in the quantity of BTC held by mining entities.This stood at simply over 1.83 million BTC as of Aug. 22, up by a stable 0.08% because the start of the month.Bitcoin miner BTC balance chart.
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