Bitcoin Price Rally Triggers 30% Jump in Mining Compute Power
A sudden price surge in Bitcoin led to a 30% jump in global cryptocurrency mining compute power over just two days, according to market reporting by RBC and BCS Express. This increase was driven by a sharp recovery in mining profitability, with the Hashprice Index climbing to $41.5, its highest level since January.
The average Bitcoin network hashrate expanded from 851 Exahashes per second (EH/s) on September 23 to 1,110 EH/s on September 25, reaching a three-month high. This rapid reactivation of mining hardware was fueled by the growing profit margin for industrial miners as Bitcoin's price surpassed its production cost.
The relationship between Bitcoin market movements and Hashprice index shifts can be categorized into three key stages: the production cost floor (~$80,600/BTC), Hashprice recovery peak ($41.5), and consolidation state (~$40 Hashprice at $84,000 BTC). The current profit margin allows enterprise miners to maintain positive cash flow and incentivizes them to keep their hash power pointed at the network.