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Bitcoin’s network hashrate has jumped roughly 45% from its July low. That’s the headline number from CryptoQuant founder and CEO Ki Young Ju, who posted the data Thursday on X and called it an “indirect bullish signal” tied to institutional money flowing into public mining companies.
Why It Matters
A rising hashrate can signal that miners are expanding capacity and committing more resources to the network, which may be interpreted as a vote of confidence in Bitcoin’s longer-term economics. For markets, that matters because it can reinforce the view that institutional capital is continuing to support the mining sector, even as profitability and competition remain key pressure points.
The raw figures: hashrate climbed from about 726 exahashes per second in July to roughly 1,050 EH/s by Wednesday. Hashrate, for anyone not deep in the weeds, measures the total computational power being thrown at Bitcoin’s network — basically how many hash calculations miners collectively crank out every second. More of it means a harder network to attack, which is the core of Ju’s argument. He’s not saying institutions bought Bitcoin directly. His point is narrower: investors backing public mining companies kept those machines running and expanding, and that sustained computing power is good for Bitcoin’s security and its long-term case as a store of value.
Not a price call. Just a fundamentals read.
Still Below the October 2025 Peak
Worth keeping in perspective: 1,050 EH/s sounds big, and it is, but Bitcoin’s hashrate peaked at 1,305 EH/s back in October 2025. That’s when Bitcoin was trading above $111,000. On Thursday morning, as U.S. equity markets opened, Bitcoin was sitting around $81,843 — well below that earlier level. So the network’s computing power and the coin’s price are both in recovery mode, not at records.
Ju’s framing was careful. He’s talking about fundamentals strengthening, not forecasting where Bitcoin trades next week. The hashrate recovery is a signal, in his view, that the institutional money backing miners didn’t dry up over the summer. Whether that translates into price momentum is a separate question he didn’t answer — and probably can’t.
NIP Group’s Three-Tranche Hardware Deal
One concrete example of miners adding capacity: NIP Group, listed on Nasdaq, disclosed Tuesday a third tranche under an on-rack asset purchase agreement. The tranche covers about 4.47 EH/s of Bitcoin mining hardware that’s already been deployed on racks — not equipment sitting in a warehouse waiting for installation. That’s a meaningful distinction. It’s hardware already doing work, or close to it.
Across all three tranches of the agreement, NIP Group’s total expected hashrate comes out to 13.85 EH/s. But that number is conditional. The deal hasn’t closed yet, and the production increase depends on the transaction actually completing.
Right now, NIP Group operates 3.11 EH/s. Per Ziven data, that puts the company 16th among public Bitcoin miners. For comparison, Bitdeer sits at the top of that list with 79.9 EH/s of operating hashrate. The gap between NIP Group’s current 3.11 EH/s and Bitdeer’s 79.9 EH/s is pretty much the gap between a mid-tier operator and the industry’s current leader.
NIP Group shares fell 6.8% Wednesday, closing at $6.10. Over the past year, the stock is down 86%, per Yahoo Finance. So the expansion news isn’t exactly rescuing investors who’ve been holding.
A Brutal Wednesday for Mining Stocks
NIP Group wasn’t alone in the pain. TeraWulf, Core Scientific, Cipher Mining, and IREN each dropped around 12% Wednesday as U.S. equities had their worst single-day selloff since July. Higher-than-expected inflation figures hit Bitcoin miners hard — and companies with exposure to AI infrastructure took similar damage.
It’s a strange moment. Hashrate is climbing, which Ju reads as a positive structural signal. But the stocks of the companies driving that hashrate growth got hammered on the same day the data came out. Miners are expanding capacity while their share prices bleed. That disconnect probably says more about macro conditions and inflation fears than about anything specific to Bitcoin’s network.
And the broader context matters here: public mining companies have increasingly leaned on institutional capital — equity raises, debt facilities, partnerships with traditional finance firms — to fund hardware purchases at scale. That’s the institutional backing Ju is referencing. It’s not Bitcoin ETF flows or spot buying. It’s the financial plumbing behind the machines.
NIP Group’s deal closing remains the near-term thing to watch. The 13.85 EH/s target is the number on the table, against a current operating rate of 3.11 EH/s.
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Frequently Asked Questions
How much has Bitcoin’s hashrate recovered from its July low?
Bitcoin’s hashrate rose about 45%, climbing from roughly 726 EH/s in July to approximately 1,050 EH/s on Wednesday, according to CryptoQuant data cited by CEO Ki Young Ju.
What is NIP Group’s current and expected hashrate?
NIP Group currently operates 3.11 EH/s, ranking 16th among public Bitcoin miners; across three purchase tranches, its total expected hashrate is 13.85 EH/s, pending the deal closing.
