My favorite topic concerning Bitcoin mining is relevant again. Difficulty levels and mining hash rate are hovering at ATH. At the same time, the price is bound and volatility is disappearing. I continue to hope that mining difficulty and price will someday display a much higher positive correlation.
Glassnode even claims hashrate peaked at 170 EH/s, which I did not see with my eyes!
However, price is range bound and notorious BTC volatility is disappearing. Many people are happy and some even count the longest BTC streak of staying above $10,000. But BTC is nowhere near ATH. Hoping to cross and stay over $11,000 today or tomorrow.
Perhaps efficiency gains in new equipment far outweigh the increase in hash rate, but how long will this last? The increase in difficulty is estimated by glassnode to be over 40% up since halving in May, while the price is lacking the force to seek a new ATH - an outcome I was looking for eagerly back in May this year - already seems like a long time ago.
In the meantime, I continue to look for a positive correlation between mining difficulty and price, checking every stock-to-flow prediction, and read positive analyst expectations while HODLing a portion of BTC in my portfolio looking for a new all-time high.
