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Bitcoin’s Value Recovers above $46,000 as Its Mining Difficulty Rebounds

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by Oluwapelumi Adejumo · 2 min read
Bitcoin’s Value Recovers above $46,000 as Its Mining Difficulty Rebounds
Photo: Depositphotos

The price shift of the flagship crypto-asset today has indicated that nothing can stop Bitcoin’s current bull movement permanently, considering the significant record it saw in the early hours of the day.

Per the data from TradingView, BTC has staged another historic comeback, rising from the level below $44,000 to top $46,300 within hours of today. As of yesterday, BTC’s price was trading on a downtrend below $44k. However, today’s 5.5 percent recovery erased all the loss of the previous thereby helping it to maintain the value of the digital asset far above the $40k price level.

At the time BTC price recovered, there was fresh noise from several US senators regarding issues on cryptocurrency in the newly-passed infrastructural bill. Many of the lawmakers demanded that the bill must be improved to avoid adverse effects on the burgeoning crypto industry.

However, BTC/USD had gained throughout the final stages of the bill’s passage, even shrugging off the initial lack of amendments.

Equally, it saw positive headwinds following Argentina’s President expression of interest in adopting Bitcoin in the South American country.

Bitcoin Mining Difficulty Recovery

The latest mining difficulty level of Bitcoin has reset and it is now much tougher for miners to mine new assets of the flagship digital asset. The mining difficulty which automatically resets after every 2016 block which is roughly every 2 weeks has increased by around 7.3 percent.

This new reset ranks as one of the highest increases the difficulty level of the asset has ever seen, however, in recent times, this is the first time it is spiking that High ever since the Chinese mining ban took effect.

An interesting fact to note is that miners are also still earning more than they did before China begun its attack against space.

The increased difficulty also serves as a confirmation that suspended miners from China are now finding new homes elsewhere. A previous report from us says that the United States and Kazakhstan have enjoyed growth in their mining activities.

Per the report, “Kazakhstan on the other hand has successfully utilized the crypto authority and has increased its mining activities to an impressive 8.2% from an average of 1.4%. USA maintains the second spot on the crypto mining index, while Russia and Iran are currently holding fourth and fifth positions in the global BTC mining.”

“Hashrate levels are still down 42.1% from the peak in May 2021 when the China exodus happened,” said Jason Deane, an analyst at crypto advisory firm Quantum Economics.

Bitcoin News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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