Bitcoin's hashrate, a measure of the network's computational power, has surged to a new all-time high above 700 EH/s, marking a 13% increase since the halving in April. This growth is attributed to an influx of new miners, driven by rising profitability.
The hashprice, which reflects mining profitability, has also climbed to a two-month high, exceeding $50 PH/s. This surge is largely driven by the recent increase in Bitcoin's price and a spike in transaction fees, particularly due to the on-chain minting of the runes protocol, which accounted for over 50% of all transaction fees on October 17th.
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