After Bitcoin reached its highest price in nine months, the mining industry is steadily gaining its momentum back. But the pioneering cryptocurrency is facing an all-time high during current rally.
DataLight indicates that the Bitcoin price and coin’s mining default are correlated. As the mining industry is regenerating, metrics of both the Bitcoin and mining industry experienced record high and low in nine months.
After experiencing the fire and fury of the bear market, a huge number of miners in the mining industry resorted to taking a break from the market. Eventually, upon reaching low metrics by Bitcoin in December, there was a significant drop in mining difficulty.
Miners can make better financial gains at a lower difficulty. And on 3rd December, BTC recorded the second largest drop in mining difficulty.
#Bitcoin just had its second largest drop in mining difficulty in history: -15.1%. This is the current ranking:
— Fernando Ulrich (@fernandoulrich) December 3, 2018
On Aril 2, after the Bitcoin price started climbing, the interest in cryptocurrency market revived. As the Bitcoin mining operation breakeven for efficient mining was standing at $3,550.
Meanwhile, the price was above $5200 level. Therefore, in China, mining operations that can enjoy the benefit of low electricity cost can generate up to $2000 in net profit.
While media reports also reveal that China is considering imposing a ban on its mining sector meanwhile representing approximately 2/3 of the global industry. This would tank of the hash rate unavoidably, hence, making mining more profitable for a common man.