Network Hashrate
How much computing power is protecting Bitcoin right now?
This measures the total computing power miners are dedicating to securing the Bitcoin network. Read more
Down 86% from the record — a significant drop in mining power. This level of miner capitulation has historically appeared during deep bear markets. The weak miners are being forced out, leaving only the most efficient operations.
Hashrate is a lagging indicator for price drops — miners don't shut down overnight when price falls. But it can be a leading indicator for recoveries — miners start investing in new hardware months before they expect prices to rise. When hashrate starts climbing again after a decline, it often means the smart money (miners with the most skin in the game) sees opportunity.
Hashrate dipped 7.5% over 3 months. A minor pullback — could be equipment upgrades, seasonal electricity price changes, or modest miner exits. Not alarming on its own. The 7-day reading (-0.2%) suggests the decline is still underway.
The short-term (30-day) hashrate trend is running below the long-term (60-day) trend — meaning miners are scaling back. Some operations are shutting down, likely because current margins don't cover their costs. The shakeout is in progress. The buy signal will fire when the short-term trend crosses back above the long-term one.
How much are miners earning per unit of computing power? Revenue per PH is 8% below its peak right now.
How hard is it to mine a block? Currently 88.4% below ATH.
Understanding Network Hashrate
Hashrate tells you how many calculations per second all the world's Bitcoin miners are doing combined. Right now, it's measured in exahashes — that's quintillions of calculations every second. More computing power means a more secure, harder-to-attack network.
Rising hashrate is a good sign. Miners are long-term businesses that invest millions in equipment that takes months to pay for itself. When hashrate is climbing, it means miners believe future Bitcoin prices will be high enough to justify that massive upfront investment. When hashrate drops, it means miners are struggling — the price dropped below their operating costs and the weakest operations are shutting down.
Hashrate is often called a lagging indicator because miners don't shut down overnight when price falls. But it can actually be a leading indicator for recoveries. Miners start ordering new hardware and building new facilities months before they expect prices to rise. When hashrate starts climbing after a decline, it often means the miners with the most skin in the game see opportunity ahead.
Hash Ribbons tracks Bitcoin's mining power using two trend lines: a fast one (30 days) and a slow one (60 days). Normally, the fast one stays above the slow one because mining keeps growing. When the fast one drops below, it means miners are shutting down equipment — they're losing money and can't keep going. The buy signal fires when the fast trend line crosses back above the slow one — meaning the shakeout is over. Historically, this has been one of the highest-confidence buy signals available.
These buy signals are rare — roughly once per bear market cycle. But when they fire, the returns that follow have been exceptional across Bitcoin's entire history. It works because it marks the exact moment when the most forced sellers in the entire ecosystem have finished selling.
Over Bitcoin's lifetime, hashrate has gone almost straight up, with only brief interruptions during severe bear markets or events like the 2021 China mining ban. This relentless growth in security investment is one of the strongest signs that the real-world commitment to Bitcoin keeps increasing.