Bitcoin’s hashrate surges to a new all-time high

Bitcoin miners keep getting squeezed from several angles as the hashrate reaches an all-time high simultaneously as the bitcoin price stays depressed and energy prices soar.

Bitcoin mining is a cyclical industry. During the good times, miners heavily invest in new mining infrastructure that takes several months to get operational. This phenomenon leads the hashrate to lag the bitcoin price. The hashrate miners decided to get online when times were better in late 2021, and early 2022 started to come online around July. Since then, hashrate has surged to an all-time high while the bitcoin price has fallen like a rock.

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