Bitcoin: mining grows, but not the price

A new all-time high for Bitcoin mining was reached yesterday, which, however, had no positive effect on the price.
In fact, according to the seven-day moving daily averages of Bitcoin's hash rate, the 360 EH/s level was reached for the first time yesterday.
If you take the individual hourly data, the peak was even above 440 EH/s, which has never happened in the past.
Very high levels had already been recorded in late March, at which time they were new all-time highs. Curiously, when the price of bitcoin jumped above $30,000 ten days ago, the hash rate did not react immediately. However, as of April 13, it started rising again, reaching a new all-time high yesterday.

Bitcoin mining: the relationship between hashrate and price

There is often a tendency to think that the movement of bitcoin mining hash rate up or down should somehow affect the BTC price, but the opposite is true.
That is, since miners' earnings in BTC are always more or less equal and the hash rate is actually determined by themselves, when the market value of BTC increases, miners usually react to that by increasing the hash rate.
In fact, hashrate has its own cost, and a considerable one, mostly related to the huge amount of electricity that is used to mine Bitcoin.
Therefore, at times when the market value of BTC falls, miners tend to cut costs by reducing hashrate, and if, on the contrary, the price rises, miners can afford to invest a bit more.
Keep in mind that mining is a competition in which those with the highest hash rate win the most, so miners are essentially guided by fluctuations in the bitcoin price, increasing or decreasing their hash rate.

New records

New bitcoin hashrate records have been continually broken since October 2022.
Always taking the seven-day moving averages as a basis, a record was set in October when 260 EH/s was surpassed for the first time ever, and 270 was surpassed in early November as well.
After the price collapse due to the FTX bankruptcy in December, the hash rate dropped below 230 EH/s, but then resumed its rise as the new year began, after the start of a slight bullish 2023 that still seems to be going on.
In January it approached 300 EH/s, and in February it had already climbed above 320. In March, the hash rate first climbed above 330 EH/s and then above 350.
Almost from the beginning of the year to yesterday's record, the bitcoin mining hash rate increased by almost 50%.
By comparison, the price of BTC rose 83% over the same period, but it should be kept in mind that the hash rate not only reacts later than the price, but does so very slowly.
For example, in November 2022, the price of BTC fell by 25%, but the hashrate only decreased by 15% from November to December.
Thus, at the end of 2022, the hashrate as a percentage has fallen less than the Bitcoin price, and accordingly, it has risen less in 2023 as well.