It is still so interesting to me to see #bitcoin #hashrate continue to rip.

Putting it into perspective since July 21, hash rate has almost quadrupled (400% increase!) from ~100 EH/s to ~385 EH/s yet price is down from ~35k to ~30k, almost a 15% decrease.

What gives? Only thing I notice is Foundry USA has grown from like ~7% to ~32% of total hashrate dominance over the same time period but not sure what significance that has, if any. It’s just wild to me to see such a gap in these two metrics.

Data courtesy of #mempool.space