ChainCatcher news, Coindesk analyst James Van Straten stated that Glassnode data shows the hash price indicator has reached 62 PH/s, which is historically a bullish signal.It is reported that the hash price is a metric created by Luxor to measure mining profitability. For most of 2024, mining revenue has been below the 365-day moving average (SMA). It is not until November that it returns to this moving average.Bitwise's Head of Research in Europe, Andre Dragosch, also mentioned that miners are in a healthier state compared to last year. He noted that the Bitcoin network hash rate has decreased since its historical peak in early January. Meanwhile, Bitcoin's price has risen, and overall trading volume has rebounded. This has led to a recovery in the hash price, which technically should encourage miners to continue increasing their hash rate. Overall, considering the continuous increase in Bitcoin miners' holdings since the beginning of this year, it seems that Bitcoin miners have sufficient capital, meaning that the amount of Bitcoin miners sell daily is less than the amount they mine.

ChainCatcher news, since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, marking the lowest level since October 2023. According to data from bitinfocharts.com, the average transaction fee is 0.000026 BTC or $1.54, equivalent to 15.5 sat/vB.The lower fees and the lower price of BTC have led to a significant drop in hash price, which refers to the estimated value of hashes per second at 1 petahash (PH/s). Currently, the hash price is below $50, at $48.62 per petahash, indicating that Bitcoin miners are still under significant pressure.

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on social media that the hash price of Bitcoin has reached an all-time low. Many mining companies have slowed down their investments in mining machines, and some companies are turning to other PoW currencies to hedge against market uncertainty.Hash price is a term created by Bitcoin mining service company Luxor, referring to the expected value generated per day for every 1 PH/s or 1 TH/s of computing power. This metric quantifies the benefits that miners can expect to gain from a specific amount of computing power.