Bitcoin price prediction: mining difficulty rises 5.92 percent, what it means for selling pressure

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Since October 16 the Bitcoin network has demanded 5.92 percent more computing work per block, while the price slipped to $81,017. The hashprice fell 9.5 percent as a result, and that decides how much miners have to sell this week.Bitcoin trades at $81,017 on Sunday evening, and the weekend’s most important number is not in the chart but in the protocol itself: since October 16 the network has demanded 5.92 percent more computing work for the same block. Mining difficulty climbed with block 971,712 to 140.58 trillion, its highest level since March 5. At the same time the price has fallen from $84,506 to $81,017 since the previous adjustment on October 3. More effort, less revenue: for miners that is the squeeze which ultimately decides how much they have to sell. Difficulty is the Bitcoin network’s automatic adjustment screw. Every 2,016 blocks, roughly every two weeks, the protocol measures how quickly the past blocks were found and resets the difficulty so that a block is produ...