As Bitcoin tests uncharted territory just below $70,000, crypto miners are anticipating big profits. Bitcoin miners note that as Uptober gains steam, BTC hashrate has increased significantly.

The report shows Bitcoin has surpassed the $61.2k mark, rising above the $68.5k level last week, while the hash rate has jumped from $47.88 to $53 per Peta hash per second (PH/s).

Bitcoin Miners Predict BTC Price to Rise

Despite the difficulty of mining after the 2024 Bitcoin halving, miners predict that the hash rate could reach $100 per PH/s if BTC triples. The impressive comeback of Bitcoin bulls proves that BTC miners have reaped the rewards since last week and compared to August when BTC was stuck at a low of under $37 per PH/s. This implies that miners’ daily earnings per PH/s increased earlier this month.

At press time 0945 (UTC), the hash rate increased to $47.88 while BTC traded above $68,000. With the recent increase, miners predict that BTC will maintain its bullish momentum to reach $100 per PH/sec.

However, it is important to note that BTC mining ability is determined by three influential factors: changes in transaction fees, changes in mining efficiency, and difficulty.

If the above factors remain unchanged and the expected Uptober rally materializes, the hashrate will spike above $105-125. Miners predict BTC to surge 97.81% and 149.63% to trade between $135,500 and $171,000.

If the miners' predictions come true and all factors remain constant, Uptober will be beneficial for miners and traders. While BTC's profitability remains unpredictable, the above factors are unlikely to remain constant.

BTC Mining Projects Hashprice Will Hit $100

For example, mining difficulty is expected to increase by 4.75 this week. A recent report shows that BTC difficulty has increased by 4.12% this month. Additionally, on-chain fees have been volatile lately as they are determined by the direction of BTC price.

However, if BTC bulls push Bitcoin to $80,000 or $90,000, on-chain fees will increase significantly, putting miners in a profitable position. This implies that if miners can reduce the mining difficulty, $100 per PH/s could be achieved while mining efficiency and on-chain fees remain constant.

How Miners Are Improving Bitcoin Mining Efficiency

These predictions come as Bitcoin miners buy new mining rigs to increase their mining potential. The report shows that Bitmain, Canaan, Microbat, and Auradine mining machines have significantly improved mining efficiency.

The report points out that the integration of Bitmain and Microbt into Bitcoin mining has pushed the hash rate above 400 TH/s, while Bitmain's latest development, the Antminer U3S21EXPH, has generated 860 TH/s. This proves that if miners scale up their mining and all factors remain constant, they will generate huge income.

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