On 17 October, it took over an hour to mine a block of Bitcoin [BTC], placing thousands of transactions in limbo until the mining process was completed. According to on-chain information compiled by a couple of block explorers, 85 minutes passed between the two most recent blocks mined by Foundry USA (which controls over 23% […]
The precise reason for the block generation delay was unknown, although a reasonable one might be postulated. The mining difficulty for BTC increased, making it more challenging to obtain new blocks., which meant that more energy was being used to generate and add new blocks than was possible a few months ago. As a direct result of the worldwide increase in electricity prices, mining was now more expensive than ever.
Resistance to the price movement seemed to have been there between $20,418 and $20,865. The support levels, which were seen to be in the range of $18,500 and $18,104, seemed to be holding.
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