Bitcoin, for the first time since April 2022, has surpassed the $41,000 level, which has pleased cryptocurrency investors. At the time of writing, the value of Bitcoin was recorded at $41,600, and it is believed that the price increase could be influenced by scenarios such as ETF approval.
In addition to investors, Bitcoin miners are also celebrating due to high profits. According to data provided by the Hashrate Index, the hashprice, which is the profitability measure of miners, reached $87 per PetaHash per second (PH/s/day), the highest level in the past six months.
Furthermore, at the time of writing, hashprice has shown an increase of more than three times since the mid-October rally. Hashprice can be defined as a well-known mining metric that measures the profit potential a miner can achieve with a certain hash power ratio and shows a positive correlation with changes in Bitcoin price.
The high returns from investments in expensive mining equipment emphasize sustainability in the mining sector and can lead to more investors entering the sector.
In addition to Bitcoin price, hashprice is also directly related to the transaction fees earned by miners. At the time of writing, approximately 11% of mining rewards come from fees, indicating a significant increase in recent days. Although Bitcoin block rewards decrease after the halving event, it is expected that miners’ dependence on fees will increase, and therefore, the increase in fees can be seen as a positive development.
