Hashrate

The hashrate is the computing power miners use to secure the Bitcoin network, shown in the pane in terahashes per second (TH/s). It shows how much hardware and energy is going into mining.

How to read it

• Rising hashrate: Miners are investing in hardware, and the network becomes more expensive to attack. This points to confidence in future profitability.
• Falling hashrate: Miners are switching off, for example after a halving, after a price crash, or in 2021, when China banned mining. If the hashrate falls for weeks while the price falls too, miners are giving up; in the past, such phases were often close to lows.
• The hashrate follows the price with a delay, because new hardware takes months. It is a picture of the industry, not a short-term price signal.

Good to know

• Bitcoin only. One value per day; on an hourly chart it stays the same all day. The pane header reads “Hashrate · On-Chain”.
• The only settings are in the Style tab: Appearance (default: line).
• Models based on the hashrate are “mantacharts: BTC production cost” and “mantacharts: BTC / energy”.

Related indicators

• BTC production cost
• Difficulty
• Energy Value Oscillator
• Miner revenue
• MVRV Z-Score
• SOPR