Third-most aggressive hash rate adjustment to the upside in the past five years

Quick Take

• A lot of noise has surrounded Bitcoin's vast hash rate growth this year.
• Identifying the hash rate growth over a three-month moving average to cancel out daily incremental moves would put current hash rate adjustment at 52%.
• Only on two other occasions had more substantial growth for Bitcoin hash rate.
• In May 2021 — a 70% adjustment coming off the China mining ban
• After the 2019 bear market — a 65% adjustment.
• The most likely explanation is that many mining companies went public and financed a lot of mining equipment; as it is now profitable to mine Bitcoin, we are seeing a lot of ASICS plug back into the network.

Analyst View profile →

James Van Straten

Former Lead Analyst • CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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