Coin Citadel (CCTL)

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Bitcoin price and Bitcoin mining have a very strong correlation. The rise in Bitcoin’s price has brought in huge gains to Bitcoin miners.

Relationship Between Bitcoin Price and Bitcoin Mining:

The market for cryptocurrencies like Bitcoin depends on the interests of the investors and the investors tend to look for tangible metrics like mining. Mining verifies the transactions and then new Bitcoins are added in the blockchain. The miners need to make a lot of effort to solve a cryptographic problem, and for all these efforts that the miners do in bringing forth a Bitcoin, they are rewarded with a Bitcoin. There are certain factors that drive the relationship between Bitcoin price and Bitcoin mining.
Bitcoin’s price has a "direct correlation" to how well the Bitcoin miners are performing, which is measured by the networks’ “hash rate.” As Bitcoin price rises, it becomes more profitable for the miners to mine cryptocurrencies on the Bitcoin network.

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