Bitcoin Hash Rate Recovers Amid Rising Production Costs

Bitcoin's hash rate has recovered to its highest 30-day average since June, marking an end to the deepest miner slump since China's ban in 2021. The recovery is partial, with hash rate still about 15% below its peak.

The cost of mining one bitcoin is estimated by JPMorgan to be around $85,000, and Bitcoin traded just below this level at about $84,400 on October 1st. This has eased the forced selling by miners that weighed on the market.

Capriole Investments founder Charles Edwards sees a change in trend, saying 'We've just exited the biggest Miner Capitulation since China banned Bitcoin mining and killed 50% of the network overnight in 2021.'