{"id":448577,"date":"2024-10-17T20:15:48","date_gmt":"2024-10-17T19:15:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=448577"},"modified":"2024-10-17T16:14:38","modified_gmt":"2024-10-17T15:14:38","slug":"bitcoin-hashprice-surges-to-two-month-high-buoying-miners","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-hashprice-surges-to-two-month-high-buoying-miners\/","title":{"rendered":"Bitcoin hashprice surges to two-month high, buoying miners"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin's<\/a> hashprice has risen to a two-month high, exceeding $50 for the first time since mid-August, according to <a href=\"https:\/\/data.hashrateindex.com\/network-data\/bitcoin-hashprice-index\">data<\/a> from Hashrate Index.<\/p>\n<p>On Oct. 17, the hashprice hit $53.64, marking its highest point since Aug 23. This comes after a significant drop in September, when the hashprice fell to an all-time low of below $40.<\/p>\n<p>Digital Mining Solutions founder Nico Smid noted that the recent increase provides much-needed relief to miners affected by the harsh market conditions.<\/p>\n<p>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.<\/p>\n<p>Hashprice measures the daily earnings miners generate based on the computational power used in mining operations.<\/p>\n<h2>What's behind the hashprice recovery?<\/h2>\n<p>The rise in hashprice coincides with <a href=\"https:\/\/cryptoslate.com\/bitcoins-climb-to-10-week-high-driven-by-institutional-interest-whale-accumulation\/\">Bitcoin's recent price rally<\/a>. On Oct. 16, Bitcoin reclaimed the $68,000 mark for the first time since August, achieving nearly a 10% gain over the week before slightly retreating to $67,126 at the time of writing, according to <em>CryptoSlate<\/em> data.<\/p>\n<p>This price action has sparked speculation that Bitcoin may again fulfill its &#8220;Uptober&#8221; narrative after a prolonged period of sluggish trading.<\/p>\n<p>Increased network fees have also contributed to the hashprice recovery, fueled by heightened activity on the Runes protocol. Dune Analytics <a href=\"https:\/\/dune.com\/cryptokoryo\/runes\">data<\/a> shows that Runes transactions made up over 10% of all Bitcoin network transactions in the past week, indicating rising network engagement.<\/p>\n<p>The high activity has inadvertently led to a <a href=\"https:\/\/x.com\/mononautical\/status\/1846719982228701273\">high-fee situation<\/a> on the network, according to OKLink <a href=\"https:\/\/www.oklink.com\/btc\/gas-price\">data<\/a>.\u00a0Additionally, a 5% drop in the network's hashrate, falling from 700 EH\/s to 665 EH\/s, might have also influenced the hashprice increase.<\/p>\n<p>Although the exact cause remains uncertain, Smid speculated that recent hurricanes in the US may have disrupted mining operations in affected areas due to power grid issues.<\/p>\n<h2>US Miners Gaining Ground<\/h2>\n<p>The 35% rebound in hashprice provides a welcome boost for miners, especially those operating in the United States.<\/p>\n<p>According to JPMorgan, <a href=\"https:\/\/cryptoslate.com\/us-listed-bitcoin-miners-hit-record-22-8-billion-market-cap-amid-stock-surge\/\">US-listed Bitcoin miners<\/a> now control a record 28.9% of the global network hashrate, marking a 70% increase in their collective power year-to-date.<\/p>\n<p>This growth significantly outpaces the overall network's 33% increase, highlighting US miners' operational efficiency over rivals in other jurisdictions.<\/p>\n<p>JPMorgan also highlighted that <a href=\"https:\/\/cryptoslate.com\/insights\/bitcoin-miners-fall-in-october-with-only-riot-galaxy-core-scientific-posting-positive-returns\/\">mining stocks<\/a> experienced a rally in early October as Bitcoin prices climbed, with companies involved in high-performance computing (HPC) drawing continued interest from hyperscalers seeking strategic partnerships.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s hashprice has risen to a two-month high, exceeding $50 for the first time since mid-August, according to data from Hashrate Index. On Oct. 17, the hashprice hit $53.64, marking its highest point since Aug 23. This comes after a significant drop in September, when the hashprice fell to an all-time low of below $40. [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":448580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77968,2376],"tags":[76769,78071],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin hashprice surges to two-month high, buoying miners<\/title>\n<meta name=\"description\" content=\"Rising Bitcoin hashprice offers relief to miners as market dynamics change with US-based firms dominating.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-hashprice-surges-to-two-month-high-buoying-miners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin hashprice surges to two-month high, buoying miners\" \/>\n<meta property=\"og:description\" content=\"Rising Bitcoin hashprice offers relief to miners as market dynamics change with US-based firms dominating.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-hashprice-surges-to-two-month-high-buoying-miners\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-17T19:15:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-17T15:14:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/10\/bitcoin-hash-rate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-hashprice-surges-to-two-month-high-buoying-miners\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-hashprice-surges-to-two-month-high-buoying-miners\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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