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price experienced a 70% increase in the first quarter.
- It is predicted that the Bitcoin hash rate will be higher than ever before.
Bitcoin (BTC) price increased by more than 70% in the first quarter, but miners remain quiet in their positions.
Bitcoin Mining Difficulty and Hash Rate Reject Slowdown!
The recovery of Bitcoin in 2023 is not only related to the BTC price, but miners are also experiencing their own significant recoveries. While BTC/USD increased by only 70% in the first quarter, mining participants under pressure saw the relief they desperately needed after squeezing their bear market profit margins almost to zero.
The return for miners is clearly seen in the difficulty that reflects competition for block rewards.
This has seen new all-time highs in the last two months and will be no exception this week. According to data, the difficulty will increase by approximately 2.1% on April 20, reaching 48.91 trillion. This striking figure is 13 trillion higher than the beginning of the year.
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Overview of Bitcoin network fundamentals
Also, it is predicted that the hash rate of the Bitcoin network will be higher than ever before. Data recorded a new all-time high of 418 exahash/s (EH/s) on April 18.
Bitcoin hash rate raw data
As COINOTAG previously reported this week, hash rate estimates are far from certain and can be misleading for those who want to draw bullish conclusions about BTC price power.
Bitcoin Miners Are Not Yet Accumulating BTC!
Looking at the current state of miner balances, BTC sales have increased over a 30-day period.
According to data, miners reduced their Bitcoin assets by 648 BTC on April 18 compared to a month ago. These changes are significant compared to sales accompanying the FTX crash in the fourth quarter of last year.
Bitcoin miner net position change chart