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Bitcoin Mining Difficulty Eyes New ATH As Block Production Ramps Up

Bitcoin mining difficulty has been on the rise as the network has gained more popularity. This is a far cry from what was expected after China, which was known as the mining capital of the world at that point, had laid a blanket ban on crypto mining. Bitcoin miners had been able to successfully set up in other regions of the world and mining activities have ramped up since then. This time around, it comes along with the growth of blocks mined per hour which has smashed all expectations. Not only has the mining difficulty been affected by this but its effects are being felt all around the mining industry. Bitcoin Mining Difficulty At New ATH? Block production rates have risen higher than anticipated to beat the previous target of 6 blocks mined per hour. This number now stands at 6.2 blocks mined in an hour. This increase in block production has led to an increase in mining difficulty which has pushed it towards new all-time highs. Going forward, there is expected to be a 4-5% difficulty adjustment in mining difficulty. Related Reading | Cardano Turns Bullish In The Short-Term, But Is That All? If this happens, it will easily send the bitcoin mining difficulty towards a new all-time high. It continues to follow the growing trend that began in August of 2021 after the China ban had gone into effect. It would beat all expectations given that the China ban had seen the bitcoin hash rate crash 50% last year. BTC hash rate on the rise | Source: Arcane Research Miners Enjoy More Profitability The mining difficulty has not been the only thing affected by the increased block production rate. Other things like daily miner revenues have been on the rise. Bitcoin mines saw a 6.86% change in the last week ending on March 28th. This represents more than a $2 million increase over a seven-day period. Also important to note that the same daily revenues had been up 7% in the previous week. BTC declines to $45,000 | Source: BTCUSD on TradingView.com Daily transaction volumes also recorded an uptick in the same time period. It grew by a total of 11% touching $6.4 billion in transaction volume per day. It was a result of a recorded growth in the average transaction volume given that transaction volumes per day had only grown 1.5%. The average transaction volume was up 9% in the seven days this data was collated. Related Reading | SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated Transaction fees saw the highest growth for the week. Given that there is now more demand for block space, transaction fees had been on a steady climb since then. Daily transaction fees grew 20% and are now sitting at $460,000 per day. Featured image from Investopedia, chart from TradingView.com

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Bitcoin Taker Buy/Sell Volume Shows “Buy” Signal As BTC Gears Up For Rally

On-chain data shows the Bitcoin taker buy/sell volume is now showing a “buy” signal as the crypto looks to be gearing up for a new rally. Bitcoin Taker Buy/Sell Volume Says Now May Be The Time To Buy As pointed out by an analyst in a CryptoQuant post, the BTC taker buy volume recently reached a value that has historically been a green signal for the crypto. The “taker buy volume” is an indicator that measures the long volume of Bitcoin on derivatives exchanges. The metric works by checking orders on the book to see how many takers are buyers. This volume divided by the total volume is called the taker buy ratio. When the value of this indicator rises above 0.50, it means the majority of the order takers are currently buyers on exchanges. On the other hand, the value of the ratio below this threshold implies that the Bitcoin short volume is higher at the moment. Related Reading | Bitcoin Sets Record For Largest Single Day Pump After One Year An alternate indicator is the “taker sell volume,” which measures the total number of sell orders or the short volume. Now, here is a chart that shows the trend in these Bitcoin indicators over the past few months: Looks like the taker buy ratio has risen in the past couple of days | Source: CryptoQuant As you can see in the above graph, the Bitcoin taker buy ratio has exceeded the value of 0.52 this week. Naturally, the sell ratio has gone down on the other hand. Related Reading | Data Shows Bitcoin Top Buyers Already Capitulated, New Bull Rally Here? In the post, the quant explains that this value of the metric has historically flashed a buy signal for the cryptocurrency. Most recently, the indicator went above this threshold on 4th Feb, following which the price of the coin observed a surge. If this pattern holds true this time as well, it would mean that now may be a good time to stack up on Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $45k, up 15% in the last seven days. Over the past month, the crypto has gained 14% in value. The below chart shows the trend in the price of the coin over the last five days. BTC’s price looks to have surged up over the past couple of days | Source: BTCUSD on TradingView After crashing all the way down to $34k last week, Bitcoin seems to have made some solid recovery back now as the coin approaches another retest of the $45k price level. Currently, it’s unclear whether this recovery will last as the uncertainty due to the Russian invasion of Ukraine still looms over financial markets. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com