Cryptocurrency

Bitcoin mining difficulty rises 3.4%, reaching new ATH

Zegex

Bitcoin (BTC) Network Mining Difficulties Recorded It hit an all-time high (ATH) on October 23rd as the difficulty increased by 3.4% to reach 36.84 trillion.

At the same time, the difficulty ribbon began to compress. This historically represents a good buying opportunity.

mining difficulty

The graph below shows mining difficulty with the orange line. His final 3.4% spike, recorded on October 23, pushed the difficulty line near his 160Z boundary.

Bitcoin mining difficulty
Bitcoin mining difficulty

The last time Bitcoin mining difficulty rose was on October 10th, when it jumped 13.5%. As seen in the chart above, this spike marks the biggest increase in Bitcoin difficulty throughout 2022.

difficulty ribbon

Difficulty Ribbon Compression uses a simple moving average of 200, 128, 60, 40, 25, and 14 day Bitcoin mining difficulty to calculate the ribbon indicator.

Bitcoin difficulty ribbon
Bitcoin difficulty ribbon

The chart above shows the difficulty of ribbon compression with the orange line.

The latest difficulty tweak has increased difficulty ribbon compression and left the green zone. Historically, times when ribbons are compressed have been good buying opportunities.

Posted In: Bitcoin, Mining

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