Bitcoin’s hash rate reached a record 147.88 exahashes per second on July 13, 2020, a remarkable milestone that underscores the growing computational power securing the network just two months after the third halving. Yet despite this surge in mining activity, Bitcoin’s price remained locked in a narrow consolidation range between $9,000 and $9,400, trading at approximately $9,243 on July 14. The divergence between network fundamentals and price action has become a focal point for analysts tracking Bitcoin’s next major move.
TL;DR
- Bitcoin hash rate hit an all-time high of 147.88 EH/s on July 13, according to CoinCorner’s Matt Ward
- Hash rate is now 10x higher than when Bitcoin traded at $20,000 in December 2017
- BTC price consolidating in $9,000-$9,400 range, with resistance at $9,250 and support near $9,000
- Max Keiser argues hash rate precedes price, predicting an imminent rally
- Altcoins showed mixed signals: Aurora (AOA) surged 270%, while XRP lost the $0.20 support level
Hash Rate at Record Levels: What the Data Shows
The hash rate milestone was first highlighted by CoinCorner’s Matt Ward, who noted that the measure hit 147.88 exahashes per second on July 13. This figure is particularly striking in historical context — it represents roughly ten times the hash rate observed when Bitcoin reached its then-all-time high of nearly $20,000 in December 2017. It also represents a doubling of the hash rate compared to just one year earlier, in mid-2019.
The growth is even more impressive considering the disruption caused by the May 2020 halving, which reduced block rewards from 12.5 BTC to 6.25 BTC. According to CoinGecko’s Q2 2020 report, Bitcoin’s hash rate initially dropped by approximately 27% immediately following the halving event, as miners using older ASIC hardware were forced offline by the reduced revenue. The rapid recovery and subsequent push to new all-time highs signaled that newer, more efficient mining operations had quickly filled the gap, and then some.
Max Keiser: Hash Rate Precedes Price
The hash rate surge drew the attention of Max Keiser, a well-known Bitcoin advocate and financial commentator, who argued that the metric serves as a leading indicator for price movements. “Hashrate precedes price BTC,” Keiser wrote, adding that the rising hash rate reflects growing confidence in the cryptocurrency relative to fiat currencies. He suggested that Bitcoin would eventually “draw energy away from fiat” as the network’s fundamentals continued to strengthen.
The theory that hash rate leads price is grounded in the idea that miners represent the most capital-intensive participants in the Bitcoin ecosystem. When miners invest in expanding their operations — as the hash rate data clearly shows they were doing — it signals long-term conviction in the asset’s value proposition. Historically, periods of rising hash rate have often been followed by upward price movements, though the relationship is not perfectly correlated in the short term.
Price Stuck in No-Man’s Land
Despite the bullish hash rate signal, Bitcoin’s price on July 14 told a more cautious story. BTC was trading around $9,175, having opened the day near $9,236 before slipping slightly into the red. The intraday high reached $9,239, just short of the $9,250 resistance level that had capped upward momentum. On the downside, the $9,000 mark represented a critical psychological and technical support.
The consolidation pattern reflected a broader market uncertainty. Bitcoin had been range-bound for several weeks, with neither bulls nor bears able to establish decisive control. Volume had been declining, and volatility metrics were compressing — conditions that often precede a significant directional move. The question on traders’ minds was whether the hash rate surge would prove to be the catalyst that finally pushed Bitcoin back above the psychologically important $10,000 level.
Altcoins Paint a Mixed Picture
While Bitcoin consolidated, the broader cryptocurrency market showed a more colorful palette. The most dramatic mover was Aurora (AOA), which had exploded over 1,000% on July 13 and was still trading 270% higher on July 14. Other notable gainers included Divi (up 31.82%), Loopring (up 11.91%), RaveCoin (up 14.94%), and Elrond (up 7.91%).
Ethereum was trading at approximately $237, down 0.9% on the day and drifting away from the $240 level that had served as a recent pivot. Despite the price softness, Ethereum’s underlying fundamentals were strengthening — the DeFi ecosystem had just crossed $2 billion in total value locked, and network addresses had grown over 350% in three months. Ripple’s XRP, meanwhile, had lost its foothold above $0.20, trading at $0.1960 with building bearish momentum.
The Bigger Picture: Post-Halving Dynamics
The hash rate record, coming just two months after the halving, highlights an important dynamic in Bitcoin’s economic model. The halving reduced the supply of newly minted BTC from approximately 1,800 per day to 900 per day, creating an immediate supply shock. Typically, miners respond to reduced revenue by scaling back operations, as occurred immediately post-halving. The rapid hash rate recovery suggests that miner economics had stabilized — either through increased transaction fee revenue, improved mining efficiency, or simply the expectation of higher future prices justifying continued capital expenditure.
For market analysts, the divergence between hash rate and price creates an interesting setup. The network is demonstrably stronger and more secure than ever before, yet the market has not yet priced this in. Whether this represents a delayed reaction or a fundamental disconnect remains to be seen, but the historical precedent suggests that Bitcoin’s price tends to eventually catch up with its network fundamentals.
Why This Matters
Bitcoin’s hash rate reaching an all-time high while price consolidates below $10,000 represents a textbook example of the tension between network fundamentals and market sentiment. The 147.88 EH/s milestone is not just a number — it reflects billions of dollars in mining infrastructure investment and a collective bet by the mining industry on Bitcoin’s long-term value. As the post-halving supply shock continues to work through the system, the growing hash rate suggests that the foundation for Bitcoin’s next major price move is being built, even if the market has yet to respond. Whether the breakout comes in days, weeks, or months, the network’s increasing strength makes the bull case increasingly difficult to dismiss.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk. Always do your own research before making investment decisions.
10x the hash rate from the 2017 $20k top and price was stuck below $10k. keiser was right that hash rate leads but the lag can be brutal
keiser has been calling hash rate leads price since 2013. hes eventually right but the lag can be 6-18 months. not exactly actionable
the 6-18 month lag is why quoting keiser as a trading signal is wild. its a macro thesis not a buy button
the lag is brutal because miners dont sell equipment, they keep running. hash rate reflects sunk costs not future price. keiser conflates mining investment with price prediction and its misleading
Sigrid H. exactly right. miners keep running because hardware is a sunk cost. hash rate reflects infrastructure investment not future price. the causality people assume is backwards
Sigrid H. miners dont stop running because the hardware is a sunk cost. hash rate reflects infrastructure investment not price prediction. the correlation is not causal
hash rate 10x from 2017 top while price sat at half ATH. miners were accumulating infrastructure the entire time everyone else was calling crypto dead
hash rate 10x above the december 2017 $20K level and price is stuck below 10K. max keiser has been saying this for years
miners running S17s at 73 TH/s profitable below $10K. the efficiency math worked because electricity in Sichuan was basically free during rainy season
s17_farm_ Sichuan hydro season ending in October was what caused the hash rate dip before the Q4 rally. fundamentals not charts told the real story
Aurora pumping 270% while XRP lost $0.20 support is peak altseason randomness. No fundamentals, just vibes.
AOA was a straight pump and dump. 270% on zero liquidity. XRP losing 0.20 was the more meaningful signal
270% on AOA and volume was basically nonexistent. classic wash trading setup, retail got trapped
AOA pumping 270% was such a distraction. XRP losing 0.20 support was the actual signal that alt season wasnt here yet. hash rate ATH meant nothing for short term price
everyone sleeping on AOA doing 270% while arguing about hash rate. that was the real signal on this day imo
two months post halving and miners were still turning rigs back on. the hash rate recovery told you everything about where price was heading long term
Max Keiser saying hash rate leads price is like saying rain causes clouds. eventually true but useless for timing entries
Max Keiser saying hash rate leads price is technically true but try timing it. 2017 top to hash rate peak was 3 months. 2021 top to hash rate peak was 8 months. the lag is unpredictable
147 EH/s at 9k BTC. same machines were running a year later at 50k. miners who held through that consolidation made 5x on the hardware investment
147.88 EH/s with price stuck below 10K. miners were clearly betting on a move up. they were right, BTC hit 60K within a year
difficulty_curve the S19 didnt even exist yet in july 2020. miners were running S17s at 73 TH/s and still profitable below 10K. the efficiency jump came later that year
miners were front-running the halving narrative by 2 years. the S19 launch gave them cheap efficiency so they piled in. BTC at 60K within a year validated the bet but it was a leverage play not a prophecy
difficulty_curve Keiser calling hash rate a leading indicator was technically correct that cycle. hash rate hit new ATHs in July 2020 and price followed three months later.
max_k_chart Keiser was right that cycle. hash ATH in July 2020 and BTC went from 9k to 60k in 10 months. the lag is brutal but the signal worked
hash rate 10x from the 2017 top while price sat 50% below ATH. the infrastructure was building the entire time while everyone called crypto dead
147.88 EH/s at 9243 BTC. hash rate 10x higher than the 2017 ATH but price half of it. miners were accumulating through what looked like a brutal bear market.