The total computer power that is directed to the Bitcoin network has reached an all-time high again. The measurement of this metric is known as the hashrate and it is a good way of measuring the security of the network. The network hit a new high of 85 exahashes (EH/s) last week and the mining difficulty about 12 trillion.
Does price lead hashrate or does hashrate lead price?
Neither, unless you mean the downward direction.
Unless you live under a rock, you should have noticed this year the market has been flooded with last generation asic miners, those are commonly around 50 TH/s at around 2600w vs the 4 year old 12TH/S for 1400w.
In fact, the manufacturers can't cope with the demand, but they have been delivering, more or less, with the usual Chinese suspect leading (tho they are all Chinese nowdays).
Given a flat bitcoin price, this hashrate increase makes mining less and less profitable. Usually bitcoin price increases (for different reasons) and compensates this, but not in exact proportion. In fact, it has become less and less profitable and will eventually become unprofitable at all, even with higher bitcoin prices.
Large scale mining has its days counted. It might take a few more years, but not much longer large miners will be able to continue. Only those hobbyists with small setups and free electricity options will remain in the future.