Nonetheless, big upticks in difficulty have knock-on btc effects for miners in terms of cost. A higher difficulty could theoretically cause miners to sell in order to protect profitability.
On Wednesday, a day after the how to Multiply Bitcoin adjustment, the amount of Bitcoin sold by miners was roughly equal to the amount they created.
At press time, data from ByteTree reveals that in the past 24 hours, miners mined 781 BTC and sold 739 BTC — leaving a net gain of 42 BTC.
By comparison, miners managed to retain 263 BTC in the 24 hours to June 12, before the adjustment.
Hash rate gains echo 2017. Along with difficulty recovering, Bitcoin investment network hash rate continues to remain above 100 EH/s after a significant recovery during May.
After the third block subsidy halving, which cut miner revenue by 50% overnight, hash rate — a measure of miner participation — tumbled to 90 EH/s. Since then, bullish signs have returned as well as bear similarities to the run to $20,000 in 2017.
“Even after the mining subsidy was cut in half a month ago, more hashrate has joined the network than ANY TIME since the historic 2017/18 market bull run,” portfolio manager Blockfolio commented on Twitter about the difficulty adjustment.
Cointelegraph has already noted several ways in which the Bitcoin network’s current state mimics that of late 2018, immediately after the pit of its subsequent bear market.