Insights

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

exchange68September 13, 2024

0 0 1 minute read

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

James Van Straten

Former Lead Analyst at 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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