Bitcoin Booms In Mining Difficulty But Traders Face Losses As FOMO Fades

Bitcoin mining has seen another increase in its mining difficulty, according to statistics from BTC.com. The recent adjustment at block height 784224 resulted in a 2.23% increase in mining difficulty, reaching a new record high of 47.89 T.

It marks the fourth consecutive rise in Bitcoin mining difficulty, with the current average hashrate of the entire network sitting at 342.19 EH/s. The increasing difficulty is largely attributed to the growing number of miners joining the network, leading to increased competition for mining rewards.

Bitcoin mining difficulty is adjusted approximately every two weeks to maintain a consistent block time of 10 minutes. The adjustment ensures that the Bitcoin production rate remains steady despite fluctuations in mining activity.

Bitcoin’s mining difficulty has increased alongside a rise in its price, sparking a renewed interest in profitable BTC mining for those with access to cheap energy sources. With the network’s ongoing expansion, it remains uncertain how mining difficulty will adapt to growing competition among miners.

Bitcoin Traders Transacting At A Loss Twice The Rate Of Profit, FOMO Fading

Despite the recent rally, according to a recent tweet by Santiment, traders in the Bitcoin market are currently transacting at a loss at twice the rate of profit. It comes as BTC’s price has been ranging after reaching a high of $28.7k, and marks the first time in five weeks that this ratio has been negative.

The recent news is viewed positively, indicating that the fear of missing out (FOMO) driving the BTC rally is diminishing. Traders who purchased at the market’s peak are now selling at a loss, implying that they have lost confidence in the rally and are cutting their losses.

It is not surprising, given the recent volatility in the Bitcoin market, which has seen significant price swings that have left many investors uncertain about what to do.

Despite the recent dip in sentiment, there are still many investors who remain optimistic about BTC. The cryptocurrency has demonstrated resilience as an asset, enduring numerous challenges and emerging stronger each time.

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