Bitcoin Mining Faces New Challenges Amid Network Changes
- Mining Difficulty Adjustment: The Bitcoin network has experienced a 10.09% decrease in mining difficulty at block 953,568, reducing it from 138.96 trillion to 124.93 trillion, sparking widespread discussions about network stability and miners' financial performance.
- Hash Rate Decline Impact: A significant drop in Bitcoin's price by approximately 15% at the beginning of June has squeezed miners' profit margins, leading some operators to shut down obsolete hardware, as highlighted by Galaxy Research, which indicates a notable impact on hash rate.
- Extended Block Processing Time: The reduction in computational power has directly influenced the Bitcoin network's block processing time, which currently averages 13.23 minutes, exceeding the expected 14-minute target and resulting in decreased mining efficiency.
- Short-term Relief Expectations: Despite an average change of -13.86% over the past 90 days, this 10.09% adjustment could provide short-term relief for miners, with predictions suggesting a potential increase of over 9% in Bitcoin output per unit of active hash rate, and hash prices may rebound above $30 per PH/s.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0132 | 0.0166 | 0.0194 | 0.0228 | 0.0256 | 0.029 | 0.0318 |
| Fibonacci | 0.0166 | 0.019 | 0.0204 | 0.0228 | 0.0252 | 0.0266 | 0.029 |
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