Miners Sell More BTC As Mining Difficulty Climbs Again: Analysis

Miners sell more BTC as the mining difficulty is getting close to the 17 T zone because their jobs are getting more difficult and they are spending more of their coins so let’s read more in our latest Bitcoin analysis.

The BTC miners sell more coins as the difficulty rises. This metric measures how hard it is to compete for mining rewards while it hit 0.59% but that was not enough to push it over the 17 T level, raising it to 16.95 T. This can be considered as an accomplishment as it is not an all-time high but this honor belongs to the 17.35 T which was before two adjustments happened a month ago. It means that today is still the second biggest BTC mining difficulty in history. This comes after a smaller drop from the previous adjustment which knocked the difficulty a little bit to 16 T level.

At the same time, the hashrate was rising as well and by looking at the weekly charts, we can see a slight drop since the previous adjustment of 0.43% meaning that the hashrate has not been changed in the past two weeks. The mining difficulty of BTC is adjusted every two weeks to maintain the normal block time. According to the charts, it has been moving between 9 and 11 minutes since the previous adjustment surpassing the 10 minutes yesterday.

In the meantime, the miners have been spending more of their BTC when it was generated a week ago, when 755 coins were spent than generated while the price of BTC increased by 4% in the past week, hitting $12,000 before correcting lower. During this inner turmoil and the long-standing fight between the co-founders, the hardware maker Bitmain delayed shipment of the popular Antminer mining machines because of what they explained “external interference over the company’s management.”  The customers were originally supposed to get their equipment in June but will have to wait until September and October.

Jameson Lopp, the Chief Technology Officer of crypto security Casa, said that if Beijing decides to attack the BTC network, it will be impossible for the government to start taking control of the scattered mining farms without anyone else hearing about it. it will be much easier to attack the few mining pools in their borders adding that “at a time of writing it seems that over 70% of hashpower is being coordinated over less than 10 mining pools, located in China.”