So sánh hashrate và giá

This chart overlays network hashrate (TH/s, log scale) with price. They trend together over the long run but move on entirely different clocks: price can double or halve overnight, while hashrate embodies rig orders, datacenter buildouts and power contracts — a capital cycle measured in months. Hashrate therefore lags price: bull-market profits trigger expansion that often lands late in the cycle, and in bears hashrate proves far stickier than price, since deployed rigs keep running as long as they cover power costs.

The community saying has it backwards more often than not: verifiable data suggests revenue (set by price) drives hashrate investment. China's mining ban of May–July 2021 was a natural experiment — network hashrate nearly halved within weeks, price did not collapse in sympathy, and hashrate rebuilt overseas within the year. Hashrate reflects the mining industry's capital commitment to future revenue; evidence that it leads price is weak.

Hashrate cannot be observed directly — it is inferred from block-finding speed against current difficulty, making daily data very noisy; judge trends on weekly or monthly averages. On a log axis, hashrate has climbed many orders of magnitude over the years, so "hashrate hits new high" is rarely news — it nearly always is. The signal lies in growth-rate changes and the rare absolute declines: post-halving shakeouts, or the 2021 mining migration.

Beyond network data, see the broader market via total crypto market cap and BTC liquidations.