Bitcoin miners shrug off BTC price drop
Despite Bitcoin's price dropping by 10% last week, miners are showing resilience as the mining difficulty reaches new record highs. On August 22, the difficulty increased by 6.17%, marking the sixth-largest difficulty uptick of the year. This suggests that miners are not struggling with profitability and are unfazed by the price downturn.
Bitcoin hash rate demonstrates confidence
The hash rate, which reflects the estimated hashing deployment by miners, is also soaring. While the exact figure cannot be calculated, it is already challenging previous all-time highs of over 400 exahashes per second (EH/s). On-chain analytics have noted the "high confidence" in the security and reliability of Bitcoin, with miners remaining active despite the price decline.
Investors accumulate assets amid decline
Despite the drop in price, investors have shown confidence in the security and reliability of both Bitcoin and Ethereum networks. More ETH has been staked, indicating high confidence levels. Additionally, little change has been observed in the amount of Bitcoin held by mining entities, suggesting that miners are still accumulating assets.
No investment advice
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assess the risks involved before making any investment or trading decisions.
