Bitcoin Hashrate Is Up 20%. Is the Mining Bear Market Over?

Bitcoin is approaching one of its longest periods of negative year-over-year performance but beneath the weak price comparison, the mining network is accelerating again. Hashrate has rebounded nearly 20% from its summer low, pushing difficulty higher and erasing much of miners’ recent margin relief. At the same time, Binance is closing its mining pool after losing most of its market share, forcing its remaining miners to find a new home. Are we at the end of the mining downturn? Bitcoin’s YoY...