Bitcoin Miners Catch Breath as Hashprice Regains $50/PH/s

Bitcoin’s hashprice—the daily dollar revenue per unit of hashing power—has recovered to $50/PH/s after nearly 60 days, driven by renewed bullish sentiment and a surge in network fees over the past 12 hours.

According to data from Hashrate Index, Bitcoin’s hashprice surpassed $51/PH/s on Thursday, marking its highest level since the end of July and offering much-needed relief for mining participants.

The jump in hashprice follows Bitcoin’s price rally, which saw it reclaim $68,000 on Wednesday for the first time since August. Additionally, rising network fees, fueled by an on-chain minting frenzy on the Runes protocol, contributed to the increase.

Over the past 24 hours, Bitcoin’s network fees made up 17% of total block rewards, though fee levels have since cooled down.

The $50/PH/s hashprice represents a critical inflection point for many institutional Bitcoin mining companies. This level surpasses TheMinerMag’s fleet hashcost estimation for all the public mining companies in Q2, positioning them to generate gross profits again.

After the Halving, Bitcoin’s hashprice dropped below $45/PH/s, hitting all-time lows of under $40/PH/s in early August. This sharp decline put significant operational pressure on industry participants, triggering a wave of mergers and acquisitions. Since then, hashprice has rebounded by 34%.