As Bitcoin tests uncharted territories slightly below $70 K, crypto miners anticipate big returns. The Bitcoin miners noted that as Uptober builds strength, the BTC hashprice increased dramatically.
The report shows that Bitcoin breached the $61.2K mark, climbing high above $68.5K last week, while its hash price surged from $47.88 to $53 per Peta hash per second (PH/s).
Bitcoin Miners Projects BTC Price to Increase
Despite facing mining difficulties after the 2024 Bitcoin halving, the miners projected that the hashprice could reach $100 per PH/s if BTC surged by triple digits. The impressive comeback of Bitcoin bull demonstrates that the BTC miners have reaped big since last week, and compared to August when the BTC price was stuck at rock bottom below $37 per PH/s. This implies that the miners’ daily earnings per PH/s increased early this month.
At press time 0945 (UTC), the hash price rose to $47.88 while BTC trades above the $68K mark. With the recent surge, the miners project that BTC will sustain the bullish steam to reach $100 per PH/s.
However, it is important to note that BTC mining capability is determined by three influential factors: changes in transaction charges, changes in mining efficiency, and difficulties.
If the above factors remain unchanged and the anticipated Uptober rally materializes, the hash price will soar above $105-$125. The miners anticipate BTC to surge by 97.81% and 149.63% to trade between $135,500 and $171,000.
If the miners’ projection materializes and all factors remain constant, Uptober will benefit miners and traders. Even though BTC gains remain unpredictable, it is difficult for the above factors to remain constant.
Miners Projects BTC Hashprice to Reach $100
For instance, the difficulty of mining is expected to increase by 4.75 this week. A recent report shows that BTC difficulties rose by 4.12% this month.
Also, the on-chain fees have lately been unstable since they are determined by the direction of the BTC price.
However, if BTC bulls propel Bitcoin to either $80,000 or $90,000, the on-chain fees will rise significantly, positioning the miners in a profitable position. This implies that if the miners could reduce the mining difficulties, it would be possible to attain $100 per PH/s while mining efficiency and on-chain fees remain constant.
How Miners Are Improving Bitcoin Mining Efficiency
These predictions came when Bitcoin miners acquired new mining rigs to boost their mining potential. The report shows that Bitmain, Canaan, Microbat, and Auradine mining machinery have greatly enhanced mining efficiency.
The report indicates the integration of Bitmain and Microbt into Bitcoin mining pushed the hash price above 400 TH/s, while Bitmain’s latest development, Antminer U3S21EXPH, produced 860 TH/s. This demonstrates that if the miners scale their mining efforts and all factors remain constant, they will generate massive income. For more updates on how BTC price movement determines the profit the miners will generate, The Bitjournal on X, Telegram, and LinkedIn.
