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Hash rate trends reflect miner confidence. Rising hash rate usually indicates miners investing in hardware, suggesting long-term bullishness. Drops can signal miner stress from price declines or high energy costs, sometimes preceding capitulation events. After halvings, hash rate can dip temporarily as inefficient miners shut down. If prices rebound quickly, hash rate often recovers, but prolonged weakness may weigh on sentiment. Watching geographic shifts in hash power—especially in energy-cost-sensitive regions—provides clues about where mining economics are healthiest and how global policy changes may impact network security.
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