Bitcoin’s rising hashrate represents an “indirect bullish signal” from institutional investors backing several public Bitcoin miners, according to Ki Young Ju, founder and CEO of analytics platform CryptoQuant.
“Higher hashrate means stronger security and better fundamentals as a store of value,” Ju wrote in a Thursday post on X, adding that he views this as a bullish signal because public miners are largely backed by traditional finance (TradFi) institutions.
Hashrate measures the computational power of a blockchain network, indicating how many hash calculations are performed per second.
Hashrate recovery from summer lows
Bitcoin’s hashrate has recovered by about 45% from its summer lows, rising from roughly 726 exahashes per second (EH/s) in July to about 1,050 EH/s on Wednesday, according to CryptoQuant data.
Ju sees the recovery as an institutional endorsement of Bitcoin’s security and long-term value, and it is generally viewed as a sign of confidence from BTC miners.
Still, the global hashrate remained below its peak of 1,305 EH/s recorded in October 2025, when Bitcoin’s price was trading above $111,000. Bitcoin was last trading at roughly $81,843 as Thursday’s US equities markets opened.
NIP Group expands mining capacity
Public Bitcoin miners such as Nasdaq-listed NIP Group (NIPG) continue to expand their mining capacity, further contributing to the increasing hashrate.
NIP Group announced a third tranche on-rack asset purchase agreement to acquire about 4.47 EH/s of already-deployed Bitcoin mining hardware, according to a Tuesday announcement.
Once the deal closes, the machines are expected to immediately boost the miner’s Bitcoin production, with total hashrate across all three tranches expected to reach 13.85 EH/s.
NIP Group currently ranks as the 16th-largest public Bitcoin miner, with 3.11 EH/s in operating hashrate. Bitdeer ranks first with 79.9 EH/s, according to Ziven data.
NIP Group’s stock price fell 6.8% on Wednesday to close at $6.10, extending its 86% decline over the past year, according to Yahoo Finance.
Other large Bitcoin miners also saw their stock prices fall, as the US stock market suffered its sharpest selloff since July on Wednesday. TeraWulf, Core Scientific, Cipher Mining and IREN each lost about 12% from their share price, as higher-than-expected inflation figures pressured Bitcoin miners and AI infrastructure companies.
