On September 23rd, Bitcoin hashrate set a new all-time high of 1,073 EH/s. Last month, Raw Compute rose by around 21%.
About 70% in the last quarter. Last year, the curve has become vertical, increasing by about 675%.
Hashrates were previously charts of miners and protocol geeks. It is now read like a capital expenditure scoreboard for tradeable industries.
Answer basic questions quickly. What is a hashrate? Also, why do we need everyone outside the mining warehouse?
Hashrate is a complete calculation work that points out proof of Bitcoin’s work. That is, how difficult it is to give up on the network and rewrite the ledger. With more hashrates, attacks are more expensive and less practical. However, the more interesting angle is not just “safety.” That’s what this says about the size of the industry behind it.
You won’t get a Zetahash without locking up an energy contract big enough to set up your facility, install a transformer, carry container luggage, or power the whole town. All of this rise in the line is money and engineering that appears in the real world.
Mechanically, the protocol stabilizes block cadence by increasing or lowering difficulties per block in 2016, like a treadmill that speeds up when the runner gets stronger. If the hashrate jumps like it was in September, the treadmill kicks faster on the next epoch and the margins become tighter.
That feedback loop drives business. The machine arrives online, blocks are too fast, difficulty is adjusted, and the unit’s economics is compressed until only the most efficient operators have the advantage. The protocol is agnostic. We won’t negotiate. Miners either meet power prices and fleet efficiency goals or are pushed behind the line.
The latest daily print sets a fresh height of 1,073 eh/s. Over the past 30 days, we added about 184 EH/s during the peak runup.
Every year, hash rates increase by around 36%. This series surpassed each psychological marker with a predictable rhythm. 1 EH/s in early 2016, 10 EH/s by late 2017, 100 EH/s by late 2019, 500 EH/s in late 2023, and is now four-panel territory. These thresholds marked an industrial scale step-up: new generation ASIC waves, dense racks, better firmware, cheaper electricity.
This is where “Why hashrate matters beyond mining” becomes the wrong lens, and so is the wrong lens. Public miners are currently sitting at the heart of the industry, which is extremely important for the mining industry. Mara, Riot, Clsk, Corz, Iren, CIFR and Peers are more than just trading Bitcoin agents. They are business companies linked to this treadmill.
When the hashrate accelerates faster than the price, the difficulty follows it and the hashprice compresses. You can see that call on revenue: the age and watts of the fleet per Terrahash are more important than the clever financial line.
Sub $0.04-$0.05/kWh power, efficient immersion or highly activated air-cooled sites, and operators with solid power hedges riding adjustments without coughing margins. Everyone else is seeing a break-even rise.
The stock market side of this is easy to narrate and difficult to execute.
Scale is currently a real infrastructure issue. It is a localized politics of where substation lead times, transmission constraints, interconnection cues, and loads can be placed. That’s why a hashrate chart is read like a map of someone who actually ran it.
The network that just cleared one Zetahash is an industry with hard assets all over the world, grouped into regions of cheap power and support local government. The stock tape reflects that sort.
Companies with fresh fleets and ready-to-use megawatts are gaining shares upwards. The rest will be diluted, consolidated or quietly sidelined when the next difficulty Ratchet arrives.
The industry is constantly tempted to turn hashrate spikes into price calls.
But the better story here is that price reflects mood, while hashrate reflects commitment. The rig does not magically appear as social emotions turn green. The movement we just logged means that months of Capex have already been spent and months in line for delivery.
In the case of spot stalls, difficulty still forces the industry to do what they’re doing. When the price is run on it, you can see that the public name is sprinting because operational leverage is positive.
+20% for the past month, +70% for the quarter is more than just a magnitude. They are fast. The absolute 30-day profits on this run-hit in mid-September remind us that the rhythm of the deployment is clumpy as the container lands in bursts, power is chunky and online, and the grid season is important.
That rhythm determines the leaderboard in the next few epochs.
You can forge the story. You cannot fake the power delivered.
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(TagStoTRASSLATE) Bitcoin (T) Function (T) Mining
