According to Blockchain.com, the number of miners have went back up after Bitcoin exceeded the $6,000 mark. Yesterday, on 24 March, Bitcoin hash rate went up to 108.6 EH/s. Bitcoin recently fell down to $4,000, which caused many miners to disconnect from the bitcoin network as it is not profitable anymore to mine.
Now that Bitcoin is trading slightly above $6,500, this kind of cryptocurrency cost is more or less suited to larger mining pools, which may increase capacity.
Over the past few weeks, the number of Russian miners in the Bitcoin network has been increasing. Where they took advantage of the weakening of the ruble against the dollar. To add to that, the cost of electricity in Siberian regions of Russia has decreased, where the lion’s share of enterprises is located.
This is due to the fact that Russian rubles has decreased from 60 rubles to the dollar to 80 in the past two weeks because of the coronavirus pandemic. Furthermore, the price of ruble has been also heavily impacted of the price war between Russia and Saudi Arabia, where they have sliced the price of oils.
In other words, with bitcoin trading around $6,200 Monday, if you sold bitcoin for rubles the price would be $6,200 times 80 rubles, not 60 rubles as it would have been two weeks ago. Thus, the hit to revenue is mitigated for miners that run their specialized computers from these farms.
Mining in Russia is mostly concentrated in Siberia, where low temperatures most of the year provide natural cooling and the electricity is cheaper than in other parts of the country due to the abundance of hydro-power plants.
However, despite a slight recovery in the hash rate, the current cryptocurrency price is still lower than the cost of mining BTC for most equipment - especially for those who doesn't have a huge set-up, such as having a Coinmine. Thus resulting to many miners continue to work at a loss.
If you want to start mining Bitcoin with no cost at all, the best way to do it is to use Cryptotab. The web browser that allows you to mine Bitcoin while having it on on the background. You can start using Cryptotab by clicking right here
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