Bitcoin hashprice surges to two-month high, buoying miners
Bitcoin's hashprice reached $53.64 on October 17, a two-month high, following a significant drop in September when it fell below $40. This increase provides relief to miners facing challenging market conditions. Last year, hashprice was consistently above $60 per petahash per day, but to return to that level, Bitcoin would need to reach $83,000. The rise in hashprice correlates with Bitcoin's price rally, reclaiming the $68,000 mark on October 16. Increased network fees from heightened activity on the Runes protocol contributed to this recovery. A 5% drop in the network’s hashrate may have also influenced the increase. US-listed Bitcoin miners now control 28.9% of the global network hashrate, a 70% increase year-to-date, outpacing the overall network's growth. Mining stocks rallied in early October alongside rising Bitcoin prices.
