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 ATH and price was stuck below $10K. Max Keiser was right about hash rate preceding price, just took a while
hash rate doubled in one year while block rewards got cut in half. miners were clearly positioning for something big
AOA pumping 270% while the rest of the market chopped around is peak altseason randomness.
XRP losing the $0.20 support was a bad sign even back then. and people still held bags for years after