CandleFocus Bitcoin hashprice surges to two-month high, buoying miners
2024-10-17
Author: Content Editor
The hashprice of Bitcoin has reached a two-month high, surpassing $50 for the first time since August, according to data from Hashrate Index. This increase provides relief to miners who were affected by harsh market conditions. The rise in hashprice aligns with Bitcoin's recent price rally, leading to speculation that it may fulfill its "Uptober" narrative. Increased network fees and a drop in hashrate may have contributed to the hashprice recovery. The rebound in hashprice benefits US miners, who now control a record 28.9% of the global network hashrate, outpacing their rivals in other jurisdictions. Mining stocks also experienced a rally in early October.
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