Are Bitcoin miners bullish? BTC mining difficulty sees biggest bump in 3 months

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Bitcoin (BTC) mining difficulty is increasing by roughly 11% on Jan. 9, according to data from BTC.com. This marks the biggest increase in nearly four months that will put the metric over 20 trillion for the first time ever. 

“Hashrate is on a tear!” commented popular pseudonymous Bitcoin trader hodlonaut three days ago. “When difficulty readjusts in 3 days, it will crush through 20T for the first time in Bitcoin history.”

Bitcoin network difficulty reaches 20 trillion 

The network difficulty is a relative measure of how hard it is to mine a new block for the Bitcoin blockchain.

With the hash rate currently at record levels of around 148 EH/s, the difficulty adjustment, which occurs every 2016 blocks, makes sure that the time between blocks mined remains 10 minutes on average. 

Are Bitcoin miners bullish? BTC mining difficulty sees biggest bump in 3 months
Bitcoin network difficulty. Source: Blockchain.com

Miners remain bullish

Meanwhile, simultaneous rising hash rate and mining difficulty suggest that miners are continuing to allocate a record number of resources to secure and invest in the network.

Total BTC outflows from miner addresses. Source: CryptoQuant

Since the halving in May, the total outflows of BTC from miners have been gradually decreasing on average — the opposite of BTC/USD. Hence, miners are still showing no signs of major selling despite the price of Bitcoin skyrocketing to over $41,000 in the past week.