Public miners backed by major TradFi players are coming back online, boosting Bitcoin’s hashrate, a positive sign for BTC’s fundamentals, according to CryptoQuant’s Ki Young Ju.
Bitcoin’s rising hashrate represents an “indirect bullish signal” from institutional investors that are backing several public Bitcoin miners, according to analytics platform CryptoQuant’s founder and CEO, Ki Young Ju.
“Higher hashrate means stronger security and better fundamentals as a store of value,” wrote Ju in a Thursday X post, adding that he sees this as a bullish signal since public miners are largely backed by traditional finance (TradFi) institutions.
Hashrate is a measure of the computational power of a blockchain network, indicating how many hash calculations are performed per second.
Bitcoin’s (BTC) hashrate has recovered by about 45% from the summer’s lows, from about 726 exahashes per second (EH/s) in July to roughly 1,050 EH/s on Wednesday, according to CryptoQuant data.
The recovery is seen by Ju as an institutional endorsement of Bitcoin’s security and long-term value as well as generally seen as a sign of confidence from BTC miners.
Still, global hashrate remained below its peak of 1,305 EH/s clocked in October 2025, when Bitcoin’s price was trading above $111,000. It was last trading at roughly $81,843 as Thursday’s US equities markets opened.
Public Bitcoin miners, such as Nasdaq-listed NIP Group (NIPG), continue expanding their mining capacity, further adding to the increasing Bitcoin hashrate.
47 EH/s of already-deployed Bitcoin mining hardware, according to a Tuesday announcement .
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