Rapid Fluctuations in Bitcoin Fees Cause Brief Spike in Hashprice. Bitcoin miners experienced a brief period of significantly higher values for the computational power they contribute to the Bitcoin network. The hashprice, indicating the daily expected value of 1 PH/s, peaked at $95 on June 8. However, by 2 a.m. EDT on June 9, the hashprice had decreased to $62 per petahash. Bitcoin.com News reported on the increasing fees on June 7, as an analyst attributed the rise to the crypto exchange Okx consolidating numerous transfers.

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 Bitcoin miners recently experienced a brief period of significantly higher values for the computational power they contribute to the Bitcoin network, known as the hashprice. This spike in hashprice was caused by rapid fluctuations in Bitcoin fees. On June 8, the hashprice climbed to $95 per petahash, marking the highest level since the halving. However, by the following day, Bitcoin fees had substantially decreased, causing the hashprice to decline as well