Bitcoin's $42K rally brings a double boost for miners...

The hashprice was seen to have more than tripled in value since the start of the rally in mid-October

Miners' earnings from transaction fees also saw a significant rise in recent days

On 4 December, the world's largest digital asset, Bitcoin, surpassed $42,000 for the first time since April 2022. The optimism surrounding the approval of spot ETFs has played a major role in driving this upward momentum, as highlighted in recent articles by Cryptoexpert@Ksrawat.

Furthermore, the hashprice, a key indicator of miners' profitability, was seen to have more than tripled in value since the start of the rally in mid-October. Reaching a six-month high of $87 per PetaHashes per second per day, this spike in hashprice brought joy to Bitcoin miners.

For context, Hashprice is a key metric in mining that quantifies how much a miner can earn based on their hash rate. Its value has significantly increased, mainly because it correlates positively with changes in Bitcoin's price.

Notably, in addition to Bitcoin's price, hashprice is also directly linked to miners' earnings from transaction fees. Currently, about 11% of mining rewards come from fees, showing a significant rise in recent days. With Bitcoin block rewards decreasing every four years, the uptick in fees is a positive development for the sustainability of the mining sector, as this increased profitability might attract more participants to enter the industry.

#cryptoexpert@Ksrawat #BinanceTournament #cryptocurreny #BitcoinMarketCap