Bitcoin Mining Difficulty Level Increased By 9 Percent

Bitcoin is experiencing notable drops in price. However, despite these declines, the difficulty level in Bitcoin mining has seen an increase. Mining difficulty has increased by about 9% in the last 24 hours. Bitcoin mining hash rate is also at all-time highs. The records broken by these metrics show that the mining process has made notable gains as Bitcoin's trades decline. A recent report by Glassnode states, “Bitcoin mining difficulty has increased by +9.3% today, setting a new record.” The mining hash rate is also recovering after hitting 183 Exahash earlier this month. The Bitcoin mining hash rate took a huge hit in May last year after China banned Bitcoin mining. The metric was down about 54% at the time. On Saturday, Bitcoin price dropped to the $34,000 level. Data from Glassnode shows that BTC FX inflow volumes hit an all-time high in four months.

Russia May Ban Bitcoin Mining

Recent reports have indicated that Russia may impose a ban on cryptocurrency mining. Russia is currently a major Bitcoin mining hub and many mining firms are moving to the country after the Chinese ban. This ban could have an impact on the global BTC mining industry. Anto Paroian, ARK36 Director of Operations, said, “Since this will negatively impact Bitcoin's hash rate, some investors may be wondering if the ban will put further selling pressure on the price of this asset when implemented. Russia represents a little over 10% of Bitcoin's current mining power. it does.”