Bitcoin Hash Rate

Bitcoin hash rate is rendered on a logarithmic right axis in exahashes per second. The span is enormous — roughly 10⁻⁶ EH/s in 2011 to over a thousand today, nine orders of magnitude. Only a log scale preserves the structure across that range. BTC price sits muted on the left log axis behind the network line for cycle context.

Today's reading is 936.9 EH/s, a 30-day change of −2.2%. The all-time high is 1305.5 EH/s on 2025-10-24. The series is modelled from realised block intervals and the protocol's difficulty target, smoothed daily. Spot price in the reading row above refreshes a few times a day in the browser; the hash-rate figure itself refits overnight at 01:00 UTC.

Start with two facts. Hash rate is not measured — there is no oracle polling every miner and summing throughput. Every published number is therefore a model, fitted to two observable quantities: the protocol's current difficulty target and the realised time between blocks. Ben Celermajer put it cleanly: “In a distributed process like mining, it is near impossible to obtain reliable hash rate figures from the universe of miners.”

The standard derivation, documented on the Bitcoin wiki, is straightforward. Difficulty D is calibrated so that the previous 2,016 blocks would have been found at the rate of one every ten minutes:

hashrate ≈ D · 2³² / 600

where 600 is the target block interval in seconds. The same two quantities back out a daily hash-rate series, smoothed into a continuous EH/s line. One gigahash per second is 10⁻⁹ EH/s; days under one TH/s are dropped to keep the log axis legible. Full derivation lives on methodology; provenance is documented on data sources.

The asymmetry to remember: short-window readings carry meaningful variance from the Poisson statistics of block discovery alone. Most reference dashboards smooth seven days for that reason; this page surfaces the daily series and the 30-day rate of change, with the smoothing happening at read time on the chart's own zoom levels.

Two readings carry the chart. The first is the absolute level — today's EH/s versus the all-time high — for context on where the network sits in its long-run growth curve. The second is the 30-day rate of change, which surfaces the local regime: rebuilding hard, growing steadily, or capitulating. The bands below carry the historical context for each rate-of-change window.

Six order-of-magnitude milestones bracket the network's history, plus the single-day all-time high. Crossings are computed inline from the daily-close hash-rate series; spot-price-on-day comes from the daily-close history. The pre-2020 cadence stitches in coarser data, so the early crossing dates resolve to the day data is available rather than the day each threshold was first breached intraday.

The headline story of the post-2016 hash-rate climb is not energy. It is efficiency. Each generation of flagship Bitcoin ASIC has hashed more per joule than the last, and the cumulative improvement from the Antminer S9 in 2016 to the S21 Pro in 2024 is roughly six- to seven-fold. That decoupling is what makes the security-budget framing of hash rate misleading on its own: today's ATH is bought partly with new energy and partly with the same energy doing more work. The table below traces the generational ladder.

Hash rate is a power × efficiency product. If energy spend stayed flat from 2016 to 2024, the same farms running S9s would have produced one-sixth the EH/s the same farms running S21 Pros produce today. The 6-7× efficiency gain is therefore an upper bound on the share of today's ATH that is “free” hash — bought by replacing rigs rather than adding wattage. In practice the rate of efficiency adoption is uneven (older farms run mixed fleets) but the directional point holds: a 10× rise in hash rate over a half-cycle is not a 10× rise in real-resource commitment. Hash rate is therefore a biased security-budget proxy, and the bias has gotten stronger every cycle.

The 2021 China-ban window is the most important data event in the entire series. Bitcoin's network hash rate fell from a pre-shock peak of 198.5 EH/s on 2021-04-15 to a trough of 58.5 EH/s on 2021-06-27 — a 70.6% drop in roughly seven weeks — as Chinese provinces, chiefly Inner Mongolia and Sichuan, pushed local mining operators offline. Recovery to the pre-shock level reached 2022-01-01 and the network printed a fresh ATH shortly after. The canonical mining-map record documents the geographic redistribution of those rigs. Read the 2021 collapse as an inventory-relocation event, not an economic capitulation; the H1 2021 trough is the cleanest example of why hash rate describes ASIC logistics as much as it describes miner conviction.

For a dollar-cost-averaging investor. Hash rate is the slowest, most descriptive lens on the network's growth and the least useful for short-window timing decisions. Read it the way you would read a power-law corridor — for orientation, not for entries. The chart's most actionable signal is the smoothed Hash Ribbon, which we treat as a separate page.

For a cycle-timing trader. The 30-day rate-of-change pane carries more information than the level. Steep negative readings have bracketed the 2018, 2021, and 2024 capitulation windows; sustained acceleration above 5% per 30 days has tracked every recovery into a fresh ATH. Pair the rate of change with the Hash Ribbon's regime label and with Puell's miner-revenue lens; one indicator alone is not enough.

For a researcher. Every number on this page reproduces from the daily hash-rate series and the daily-close history. The GH/s → EH/s conversion, the warm-up cut-off, and the rate-of-change formula are documented in full on methodology. The historical-readings table above is computed in-page from the same series; copy and audit at will.

The data is modelled, not measured. The same daily series can swing several percent on lucky or unlucky block-interval runs without any change in real-world hashpower. Major dashboards smooth a week for precisely this reason; the chart on this page presents both the daily series and the 30-day rate of change so the noise is visible alongside the signal.

Hash rate lags price, not the other way around. Fantazzini and Kolodin's 2020 study Does the Hashrate Affect the Bitcoin Price? finds unidirectional Granger-causality from price to hashrate in their second sub-sample (December 2017 to February 2020); their first sub-sample (August 2016 to December 2017) shows neither direction as significant. The popular hash-rate-is-bullish narrative, which treats hash-rate ATHs as a leading indicator for price, has weak empirical footing.

The headline number sits inside two big mining pools. As of late 2025, Foundry USA and AntPool together account for roughly half of the network's hash rate — Foundry runs in the 30% range, AntPool in the high-teens, with combined share fluctuating around 50–60%. The security-budget reading of an all-time-high hash rate ought to be discounted by that intermediary concentration; the network is growing, the surface against a co-ordinated rewrite is narrower than the raw EH/s figure suggests.

Canonical questions from Google's “People also ask” block for bitcoin hash rate, answered against the data on this page.