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.
Hash Rate: (Source: Glassnode)
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