Bitcoin hashrate chart (EH/s) with 30 / 60 / 200-day moving averages
Total Bitcoin network hashrate, in exahash per second, plotted on a log scale with 30, 60 and 200-day moving averages. Hashrate is the most direct measure of network security and miner-economic confidence: rising hashrate means new mining capacity coming online, falling hashrate means miners switching off or relocating. The 30-day MA captures short-term miner sentiment; the 200-day MA defines the long-run hashrate trend; the 30-vs-200 spread is a tell on whether the network is expanding or in capitulation. Pair with the difficulty chart and Hash Ribbons to triangulate where the mining economy sits in the cycle.
Chart
Log-scale Bitcoin network hashrate in EH/s from 2014 onwards, with 30-day (green), 60-day (yellow) and 200-day (red) moving averages. The 200-day MA is the long-run trend; deviations of the 30-day MA above or below it mark expansion or capitulation. Hover any point for the exact hashrate and MA values on that day.
What is Bitcoin hashrate?
Hashrate is the total number of SHA-256 hash computations the Bitcoin mining network performs per second. Every mining ASIC tries trillions of nonce values per second, hashing each candidate block header until one of the hashes lands below the current difficulty target. Sum the per-ASIC hashrate across every active miner globally and you have the network hashrate.
The number is enormous. As of 2026, network hashrate is in the high hundreds of EH/s. To put that in scale:
- 1 TH/s = 10^12 hashes per second. A modern ASIC like the Antminer S21 does ~200 TH/s.
- 1 PH/s = 10^15 hashes per second. A small mining operation with 5,000 S21s.
- 1 EH/s = 10^18 hashes per second. A major industrial mining campus.
- ~900 EH/s = current network total (mid-2026). Roughly 4.5 million S21-equivalent ASICs running 24/7.
Hashrate is the direct measure of two things at once: network security (51 percent attack difficulty scales with hashrate) and miner-capital deployed (more hashrate = more electricity bought + more ASIC capex amortising).
Reading the moving averages
The chart plots the daily hashrate estimate (faint grey) with three moving averages overlaid:
- 30-day MA (green). Short-term miner sentiment. Captures fleet on/off decisions over the past month. Responds to electricity price shocks, regulatory events (China 2021, Kazakhstan 2022 grid disruptions), and quarterly ASIC deployment waves.
- 60-day MA (yellow). Medium-term trend. Smooths out single-event volatility while still responding within a quarter to genuine fleet-size changes.
- 200-day MA (red). Long-run trend. The reference line for "is the network expanding or contracting structurally". Crossings of the 30-day above the 200-day mark expansion; below mark capitulation.
The Hash Ribbons indicator (separate tool) formalises this: when the 30-day crosses the 60-day from below after a period of capitulation, it has historically signalled a miner-capitulation bottom and a price-recovery setup. See the Hash Ribbons chart for the signal-state classifier and historical buy markers.
Hashrate cycle context
Hashrate growth has tracked Bitcoin's price cycles loosely, with these notable inflection points:
- 2014-2015. Hashrate climbed from ~10 PH/s to ~300 PH/s as the first generation of ASICs (Bitmain Antminer S1 to S5) displaced GPU and FPGA mining entirely.
- 2017-2018. The 2017 bull market drove a ~10x hashrate increase. The 2018 bear caused the first major capitulation: hashrate fell roughly 40 percent from November 2018 to February 2019 as high-cost miners switched off.
- May-July 2021. The China mining ban (the largest drawdown in Bitcoin's history): hashrate fell 53 percent in 6 weeks. Mining capacity relocated to the US (Texas), Kazakhstan, and Russia within 8 months.
- 2022 bear market. Hashrate held up much better than in prior bears because the 2021 capitulation had already shaken out high-cost miners. Modest pullbacks during the FTX collapse and the November 2022 difficulty trough.
- 2024 halving (April 2024). The block subsidy halved from 6.25 to 3.125 BTC. Higher-cost ASICs (S19 and older) became unprofitable; some capitulated, replaced by newer S21-class fleets. Net hashrate growth resumed within months as electricity-cost-leader miners absorbed market share.
- 2025-2026. Hashrate continued the secular climb to near-1000 EH/s on industrial-scale fleet expansion (Cipher, Riot, Marathon, CleanSpark, Iris Energy) and renewable-energy mining deployments.
Methodology
- Inputs. Daily Bitcoin network hashrate (EH/s) from
/assets/data/btc-hashrate.json. Live source: mempool.space (primary) with blockchain.info as fallback. Both are public no-auth APIs. - Moving averages. 30-day, 60-day and 200-day simple moving averages computed in-browser from the daily series. MAs are unavailable for the first N-1 days of the series (warm-up period).
- YoY change. Current hashrate vs hashrate exactly 365 days earlier, expressed as a percentage.
- Trend classification. Expansion if 30D MA > 200D MA × 1.05; above trend if 30D MA > 200D MA; near trend if 30D MA > 200D MA × 0.95; capitulation otherwise.
- Static-first. If the upstream API is unreachable, the existing JSON file is preserved and the build continues. The chart always renders against the last-known-good dataset.
Related tools
- Bitcoin Difficulty - the protocol-level reference for network hashrate, adjusted every 2016 blocks.
- Bitcoin Hash Ribbons - Capriole's 30 vs 60-day hashrate-crossover buy signal.
- Bitcoin Miner Revenue - daily total miner revenue (subsidy + fees) in USD.
- Bitcoin Puell Multiple - daily issuance USD value vs 365-day MA of same.
- Bitcoin Halving Countdown - block subsidy schedule and cycle overlay.
- Charts Dashboard - all cycle indicators on one page.
Frequently asked questions
Hashrate is the total number of cryptographic hash computations performed by the Bitcoin network per second. It is the direct measure of computational power being thrown at the SHA-256 mining puzzle. Higher hashrate means more security (the network is harder to 51-percent attack) and more miner-capital deployed (rising hashrate signals miner confidence in forward profitability). Hashrate is expressed in hashes per second; the network total today is in the high hundreds of EH/s (exahash, where 1 EH/s = 10^18 hashes per second).
Raw daily hashrate is a noisy estimator. It is calculated from the time between blocks, which is itself stochastic (target 10 minutes but actual block-times range from seconds to over an hour). Daily values can swing 5-10 percent purely from block-time variance, not real hashrate change. The 30-day MA smooths out that block-time noise. The 60-day MA captures medium-term miner trends. The 200-day MA is the long-run reference line. The chart plots all three so you can see short-term shifts against the broader trend without being fooled by single-day spikes.
Hashrate and price are correlated long-term but the causality is debated. The mainstream view: price drives hashrate. Higher price = higher revenue per block = more profitable mining = more miners come online = hashrate rises. There is no mechanical reason for hashrate to push price up; new ASICs do not buy BTC, they just take a bigger share of block rewards. The contrarian view (Capriole Hash Ribbons thesis): when hashrate recovers after a deep miner capitulation (Hash Ribbons buy signal), the price often follows because the worst sellers (capitulating miners dumping inventory) have exhausted. Treat hashrate as a confirmation indicator, not a leading price oracle.
Hashrate is the actual computational power on the network at any given moment, estimated from observed block-times. Difficulty is a fixed parameter the protocol adjusts every 2016 blocks (~2 weeks) to target a 10-minute average block-time. Difficulty is a lagging indicator of hashrate: if hashrate rises, blocks come faster than 10 minutes, and the next adjustment raises difficulty proportionally. The difficulty chart is the auditable, on-chain record; the hashrate chart is the higher-resolution but slightly noisier real-time estimate. Both metrics tell the same story over months, but hashrate moves first.
The May-July 2021 China mining ban was the largest hashrate drawdown in Bitcoin's history. China at the time hosted roughly 50-65 percent of global mining (concentrated in Sichuan and Xinjiang) and Beijing's regulatory crackdown forced the largest fleets offline almost overnight. Network hashrate fell from approximately 180 EH/s in mid-May 2021 to approximately 85 EH/s by early July, a 53 percent drawdown over six weeks. The network recovered within 8 months as fleets relocated to the US, Kazakhstan and elsewhere. This event triggered a Hash Ribbons buy signal in late July 2021.
The estimate is statistical, not direct. Bitcoin protocol does not broadcast 'how much hashrate exists' as a field anywhere. Hashrate is inferred from the rate at which valid blocks are produced compared to the network's current difficulty target. The inference is unbiased over reasonable windows but noisy over short windows. The 30-day MA on this chart is the lowest-noise short-term estimate that is still responsive; longer windows lose responsiveness but gain smoothness. Mempool.space, blockchain.info, Coin Metrics and Glassnode all produce slightly different daily values from the same underlying block data because they use different smoothing windows.
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