Hashrate
The total computing power of the Bitcoin network. An indicator of network security and miners' capital expenditures.
What the metric shows
Hashrate is how many hashes per second the entire network is computing. It is a direct estimate of the cost of a 51% attack and simultaneously an indicator of miner confidence: equipment is bought based on the expected price, so a drop in hashrate usually means that some of the hardware has become unprofitable.
The metric is structurally growing — it should be read not by its absolute level, but by deviations from the trend: sharp dips (China 2021, winter blackouts in Texas) often coincided with local price minimums.
How it is calculated
How to read the signal
| Zone | Value | Interpretation |
|---|---|---|
| Hashrate at ATH | Miners are investing — trust in the network is high | |
| Drawdown of 10–20% | Some hardware turned off | |
| Drawdown > 25% | Miner capitulation, historically — bottom zone |
Frequently Asked Questions
Why is the data smoothed?
Hashrate is not measured directly — it is estimated by the number of blocks found, which is a random process. Without a 7-day average, the chart would be noise.
Does the halving affect it?
Yes, indirectly: the reward drops by half, some miners become unprofitable and disconnect until the difficulty adapts.