Bitcoin Mining Competition Soars Despite Declining On-Chain Activity
Though the transaction count and fees are down, Bitcoin mining has become more difficult than ever.Bitcoin’s rising hash power flies in the face of its bear market-level trading activity, according to blockchain intelligence provider Glassnode.
In the company’s weekly on-chain update, it analyzed investor behavior amid Bitcoin’s latest price slump. The cryptocurrency, which briefly broke above its $45,000 resistance late last month, has since descended into its consolidation range near $40,000.According to Glassnode's research, on-chain spending behavior showed that some investors appeared to be profit-taking during the recent rally.
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