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Bitcoin miners are in HODL mode before the difficulty increases

Source: Adobe/Photocreo Bednarek

Bitcoin miners (BTC) have been more numerous for several weeks while the price of BTC remains above the 9,000 dollar mark. However, mining Bitcoin could become more difficult in a week.

It seems that when more Bitcoin miners started their machines, increased the hashrate or the computing power of the network, they also kept (HODL) more the newly generated bitcoins.

What they have generated in the past five weeks has reached 344 CTB (3.2 million USD). In comparison, almost three weeks ago, on June 16, the same “collection” was 27 CTB.

Subsequently, the Miner’s Rolling Inventory (MRI) dropped from 99.56% to 94.88% in five weeks. If this measure is less than 100%, miners keep more of the BTC and expand their inventory, while a measure greater than 100% means that they spend more.

Bitcoin miners are in HODL mode before the difficulty increases 102
Source: ByteTree

Also read: Book your hotel on Expedia with Bitcoin is now possible.

Miners generally build their stocks during the slower market periods and sell their cryptos when the price goes up.

Bitcoin mining difficulties, which is a measure of how hard it is to compete for mining rewards, are estimated to increase again in seven days with the next difficulty adjustment, according to Bitcoin’s large mining pool BTC.com. If these estimates materialize, they will increase the measure by 6% to 16.74 T – the new absolute record.

The difficulty had exceeded 16 T only twice before: 16.10 T in May and 16.55 T in March of this year. It would not only be a new record, but it would be close enough to the 17 T never reached before.

However, these estimates are subject to change as we get closer to the adjustment date. The difficulty of bitcoin mining is adjusted every two weeks (every 2016 blocks to be precise) to keep the average mining time at around 10 minutes.

Since June 30, it is less than 10 minutes and fell yesterday below 9 minutes because the hashrate continues to increase.

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Source: Bitinfocharts.com

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