Bitcoin Miners See Hashprice Rise to Two-Month High, But Recovery Remains Uncertain

Bitcoin's hashprice has risen to a two-month high, exceeding $50 for the first time since mid-August, according to data from Hashrate Index.

Bitcoin’s hashprice has risen to a two-month high, exceeding $50 for the first time since mid-August.

Hashprice, a measure of the daily earnings miners generate based on the computational power used in mining operations, hit $53.64 on Monday, marking its highest point since Aug. 23, data from Hashrate Index shows.

This comes after a significant drop in September, when the hashprice fell to an all-time low of below $40.

Digital Mining Solutions founder Nico Smid noted that the recent increase provides much-needed relief to miners affected by the harsh market conditions.

Last year, the hashprice consistently hovered above $60 per petahash per day (PH/day). Smid indicated that to return to that level with the current network difficulty, Bitcoin would need to reach $83,000.

Bitcoin’s hashprice, which reflects the daily earnings of miners relative to the computational power deployed in mining operations, has risen to a two-month high.

According to data from Hashrate Index, the hashprice reached $53.64 on Monday, hitting its highest level since Aug. 23. This marks a significant shift from September, when the hashprice plummeted to an all-time low of below $40.

Digital Mining Solutions founder Nico Smid highlighted the importance of the rising hashprice, especially for miners in the United States. He noted that the 35% rebound in hashprice is crucial for miners’ financial well-being amid the bearish market conditions.

According to JPMorgan, US-listed Bitcoin miners now control a record 28.9% of the global network hashrate, showing a 70% increase in their collective power year-to-date. This growth significantly outpaces the overall network’s 33% increase.

Bitcoin’s price action has sparked speculation that the cryptocurrency may be set to rally again after a prolonged period of sluggish trading. On Monday, Bitcoin traded at $67,126, up slightly from the previous week, data from CryptoSlate shows.

After beginning the month above $68,000, Bitcoin experienced a slight pullback last week. However, the price remained above the key psychological level of $67,000.

This price action comes amid broader optimism in the crypto market, with several digital assets posting gains.

According to PriceIndices data, the total crypto market cap increased by about 3.5% over the past 24 hours, reaching $1.19 trillion. The total trading volume also rose, indicating heightened activity in the market.

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