when the hashrate was in the 220exa region at the first half of the year. the mining cost bottom was about $15k


now that its 50% more this can push the underlying costs up. which then inspire miners at the low end to not sell for low prices and all people above them do the same at their respective rates. and those that cant mine for profit flip over to become buyers. which also offsets the sell vs buy ratio

the reason for the sudden influx of hashpower is obvious. next gen asics being delivered to asic farm warehouses and turning them on

if this hashrate persists where it gets to the point where the lowest cost miners are not selling blow X rate then the cheapest buying price will no longer be X rate, and so the price starts to increase as there are less sellers selling for such low prices

usually you see this effect after the next difficulty adjustment which then affects the mining competition costs which then affect the price speculation