"The network is in a robust expansion phase with hashrate near all-time highs, driven by efficient hardware deployments and strong infrastructure investment."
The Bitcoin network is currently exhibiting high levels of structural resilience as the total network hashrate maintains a steady trajectory near all-time highs, despite the post-halving reduction in block rewards. This indicates a sustained period of 'Expansion' where industrial-scale miners are aggressively deploying next-generation ASIC hardware, specifically the Bitmain S21 and MicroBT M60 series, to maintain hashpower share. The difficulty adjustment mechanism continues to move upward, reflecting an increase in the cost of production and the purging of less efficient, older-generation hardware (e.g., S19 models) from the network. While the hashprice—the daily revenue per Terahash—remains compressed, the lack of a significant drop in hashrate suggests that miners are well-capitalized and leveraging low-cost energy contracts. The Puell Multiple indicates that the current issuance-to-revenue ratio is in a consolidation phase, suggesting that the sell pressure from miners to cover operational expenditures is being absorbed without triggering a capitulation event. The shift toward renewable energy integration and behind-the-meter power solutions continues to strengthen the long-term sustainability of the Proof-of-Work layer.