Bitcoin hash prices rose to a two-month high, surpassing $50 for the first time since mid-August, according to Hashrate Index data.
On October 17th, Hashprice reached $53.64, its highest price since August 23rd. This follows a significant drop in September, when Hashprice fell to an all-time low below $40.
Digital Mining Solutions founder Nico Smid said the recent increase would bring much-needed relief to miners affected by tough market conditions.
Over the last year, hash prices have consistently hovered above $60 per petahash (PH/day). Smid suggested that Bitcoin would need to reach $83,000 to return to that level with the current network difficulties.
Hashprice measures the daily revenue generated by miners based on the computational power used in mining operations.
What is behind the hash price recovery?
The increase in hash price is in line with Bitcoin's recent price increase. According to , on October 16, Bitcoin regained the $68,000 level for the first time since August, rising nearly 10% in a week, but has retreated slightly to $67,126 at the time of writing. crypto slate data.
The price action sparked speculation that Bitcoin could once again live up to its “Uptober” story after a long period of trading stagnation.
The increase in network fees was also fueled by increased activity in the Runes protocol, contributing to the recovery in hash prices. Dune Analytics data shows that Runes transactions accounted for more than 10% of all Bitcoin network transactions over the past week, indicating increased network engagement.
According to OKLink data, increased activity has created situations where the network inadvertently incurs high charges. Additionally, a 5% drop in the network hashrate, from 700 EH/s to 665 EH/s, may have also influenced the hash price increase.
Although the exact cause is still unknown, Smid speculates that recent hurricanes in the United States may have disrupted mining operations in the affected areas due to power grid issues.
US miners expand their footprint
The 35% recovery in hashprice is a welcome boost, especially for miners operating in the US.
U.S.-listed Bitcoin miners currently control a record 28.9% of the global network's hashrate, increasing their overall power by 70% since the beginning of the year, according to JPMorgan.
This increase significantly exceeds the 33% increase across the network and highlights how much more efficient U.S. miners are at operating compared to competitors in other jurisdictions.
JPMorgan also highlighted that high-performance computing (HPC) companies continue to receive interest from hyperscalers seeking strategic alliances, with mining stocks rising in early October on the rise in Bitcoin prices. .
