Mining has become profitable again as the market price of the leading cryptocurrency Bitcoin has increased. The hashrate, which measures mining difficulty, is reaching a new peak every day as more and more rigs become active.
Hashrate Rate Will Continue To Rise!
The hashrate, which indexes mining difficulty, has soared to an all-time high of 356.35 EH/S, according to blockchain data tracker BTC.com. The website predicts that the metric in question will increase by another 2% in the coming days.
Although the hashrate rate measures how eager cryptocurrency miners are to profit, experts differ on this. While some believe that the BTC price correlates with the mining difficulty, the other party claims that this metric does not fully reflect the facts.
Why Is Mining Difficulty Rising?
Cryptocurrency experts emphasize that miners are working harder as the Bitcoin price rises in general. However, another theoretical explanation for the upward movement in the hashrate has recently emerged.
According to a report in Russia's local sources, the crypto mining industry in the country has made great progress since the beginning of the war. The news source claims that Russia is currently the second country in the industry.
The serious prominence of a country in Bitcoin mining has caused some investors to worry about censorship. According to the argument, the concentration of mining activity in one country may be interrupted by the decisions of the government.