In November 2021 #bitcoin hit a high of, roughly, $65,000. At that time the hash rate was around 162EH.

Right now the #bitcoin price is at about $60,000, but the hash rate is 686EH.

At a simple level, network participants are telling us that bitcoin is severely undervalued right now.

If we compute a hash-adjusted price for bitcoin, we *should* be at about $275,000 right now.

#bullish