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its going up since 2018; did i miss something?
Yeah, you missed the opportunity to put that in your screenshot.
Hash rate has gone up in this past cycle. But not anywhere near the rate it used to go up every cycle. And that's because (in my ooinion) the margins for mining are no longer proportional to the value of the network in nominal terms. I expect at the next halving for that to become blatantly apparent. As the reward halves, the only thing that makes up for that is increased demand for block space, but we aren't seeing that this time around, so capital's readiness to jump in and make a buck is less than in the past, and will be even less in the future.
