BITCOIN NETWORK HASHRATE
How much power is securing Bitcoin?
Miners point computing power at Bitcoin to protect it. More power means a safer, harder-to-attack network, and they add it only when they expect a payoff.
The total computing power securing Bitcoin across its whole history, on a log scale because it has grown from a handful of machines into a global industry. Long climbs mean miners keep investing; the rare dips mark moments miners were forced to power down.
Latest displayed reading: 940.62 EH/s on Aug 5, 2026. This view shows 1,033 dated readings from Jan 1, 2011 to Aug 5, 2026. The latest displayed reading is higher than the first. The displayed low is 0.00000011872 EH/s on Jan 1, 2011. The displayed high is 1,149 EH/s on Oct 18, 2025.
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- Mining power (selected): 940.62 EH/s
What's mining power doing right now?
Close to its record, easing backMining power is about 18% below its record high, still near the top of its all-time range after easing off the recent peak. The overall level stays strong. Any short-term softening shows up in the miner-stress signal below.
Now at 941 EH/s (Recovering)
Why does rising mining power matter?
Mining power lags on the way down (miners don't shut off the moment price drops), but it can lead on the way up. Miners often order new machines months before they expect prices to rise, so when it starts climbing again after a fall, the people with the most skin in the game see opportunity.
Is it growing or shrinking lately?
- Down 3% over the last 3 months, capacity is contracting.
- Down 0.2% over the last month (Recovering pace).
- Up 7.4% over the last week, the near-term trend is turning back up.
Miner shakeout signal (Hash Ribbons)
The short-term (30-day) mining-power trend is running below the long-term (60-day) one. Miners are scaling back, some powering down because today's margins don't cover their costs. The recovery signal fires when the short-term trend crosses back above the long-term one.
Related indicators
How much miners earn per unit of computing power, currently about $32 a day.
How hard it is to mine a block. About 19% below its high.
Understanding Hash Rate
Hashrate tells you how many calculations per second all the world's Bitcoin miners are doing combined. Right now, it's measured in exahashes, which is quintillions of calculations every second. More computing power means a more secure, harder-to-attack network.
Rising hashrate is a good sign. Miners are long-term businesses that invest millions in equipment that takes months to pay for itself. When hashrate is climbing, it means miners believe future Bitcoin prices will be high enough to justify that massive upfront investment. When hashrate drops, it means miners are struggling, because the price dropped below their operating costs and the weakest operations are shutting down.
Hashrate is often called a lagging indicator because miners don't shut down overnight when price falls. But it can actually be a leading indicator for recoveries. Miners start ordering new hardware and building new facilities months before they expect prices to rise. When hashrate starts climbing after a decline, it often means the miners with the most skin in the game see opportunity ahead.
Hash Ribbons tracks Bitcoin's mining power using two trend lines: a fast one (30 days) and a slow one (60 days). Normally, the fast one stays above the slow one because mining keeps growing. When the fast one drops below, it means miners are shutting down equipment because they're losing money and can't keep going. The buy signal fires when the fast trend line crosses back above the slow one, meaning the shakeout is over. Historically, this has been one of the highest-confidence buy signals available.
These buy signals are rare, roughly once per bear market cycle. But when they fire, the returns that follow have been exceptional across Bitcoin's entire history. It works because it marks the exact moment when the most forced sellers in the entire ecosystem have finished selling.
Over Bitcoin's lifetime, hashrate has gone almost straight up, with only brief interruptions during severe bear markets or events like the 2021 China mining ban. This relentless growth in security investment is one of the strongest signs that the real-world commitment to Bitcoin keeps increasing.