Bitcoin Hashrate and Price Dynamics: Daily Trends, Volatility, and Correlation Analysis

Over more than sixteen years of development, Bitcoin’s network has evolved from an experimental system secured by a handful of early CPU miners into a global computational infrastructure with industrial-scale hashrate and significant economic impact. Understanding how Bitcoin’s price, mining activity, and network security interact is essential for assessing the cryptocurrency’s long-term stability and market behavior.

This article presents a comprehensive, data-driven analysis of Bitcoin’s daily, monthly, and yearly trends across hashrate growth, price movements, volatility patterns, and the Price-to-Hash Rate ratio. By examining more than a decade of historical records, alongside recent shifts in correlation and miner incentives, we provide insights into how the network has matured, where key structural changes have emerged, and what these developments may signal for Bitcoin’s future trajectory.

Designed for researchers, analysts, and industry observers, the report highlights the forces shaping Bitcoin’s evolution and offers a detailed look at how market dynamics and mining fundamentals intertwine in both early and modern cycles.

Daily Bitcoin hash rate trends

The chart visualizes the first daily hash rate values ever recorded on the Bitcoin network. During most of 2009, the hashrate remained effectively at zero because mining was performed only by a few CPU miners. Beginning in 2010, the hashrate started to rise as more participants joined the network and early GPU mining appeared.

• In 2009, the daily hashrate consistently stayed at 0.000000 TH/s, reflecting the extremely small number of active miners.
• The first measurable increase was recorded on September 20, 2010, reaching 0.024093 TH/s.
• By the end of the period you provided, the hashrate had grown from zero to 0.024 TH/s, marking the network’s initial transition from CPU to GPU mining. This early-stage expansion is an essential part of the bitcoin hash rate history, showing how quickly computational power began rising once mining became competitive.

Historical data also confirms that this shift marked the beginning of exponential mining growth and a transition from near-zero computational power in 2009 to exponential expansion during the GPU and ASIC eras. The earliest daily hashrate data shows how small and experimental the Bitcoin network was during its first year. Virtually zero computational power secured the blockchain in 2009, but the appearance of measurable hashrate in 2010 indicates the beginning of real miner participation. These patterns also contribute to broader bitcoin hash rate statistics used to evaluate long-term network growth.

After reviewing Bitcoin’s early hashrate development, we now turn to the recent price performance that accompanied the latest phase of network growth.

Daily Bitcoin price trends

The chart illustrates daily Bitcoin prices from January 2024 through February 2025, capturing a period of strong market momentum and noticeable volatility. This dataset highlights how Bitcoin moved through consolidation phases, local corrections, and long upward stretches. The visual trend provides context for understanding how market conditions evolved ahead of major network and macroeconomic events.

• Bitcoin began the period at $37,695.99 on January 1, 2024, and ended at $70,165.00 on February 11, 2025, representing an overall increase of 86%.
• The highest price in the dataset is $71,284.00 (March 13, 2024), while the lowest recorded price is $37,695.99.
• During the sharp local correction in April 2024, Bitcoin fell from $69,374.28 on March 31 to $61,139.49 on April 30, a decline of 12%.

The daily price data shows a strong upward trajectory for Bitcoin throughout 2024 and early 2025, despite several short-term corrections. The market repeatedly established higher lows, reflecting sustained investor confidence and robust demand. Overall, the trend demonstrates a significant appreciation in Bitcoin’s value during this period, setting the stage for further analysis of how price movements align with network hashrate changes. This also allows for more accurate comparisons when examining Bitcoin hashrate vs price behavior over time.

To better understand how mining activity evolved alongside these price movements, we can now turn to long-term changes in network hashrate.

When evaluating the Bitcoin hash rate by year, we observe periods of explosive adoption followed by phases of stabilization. The average bitcoin hash rate increased dramatically in the early 2010s as mining hardware became more specialized. By comparing the average bitcoin mining hashrate across years, we can quantify how efficiently the network’s security scaled.

Building on the previous analysis, this section examines how closely Bitcoin’s daily hashrate changes align with its price fluctuations.

Daily Bitcoin hash rate to price correlation over time

The following chart illustrates the long-term correlation between Bitcoin’s daily hashrate and its market price, measured from 2009 through late 2025. This metric shows how strongly mining activity and market valuation move together, highlighting both periods of stability and moments of structural divergence. The dataset captures more than 16 years of daily intervals, offering a detailed look at how miner behavior and price dynamics interact over time.

• From 2009 to 2014, the correlation remained exceptionally stable at 0.94, showing near-perfect alignment between price and hashrate.
• The correlation gradually weakened from 0.93 in 2012 to 0.87 by early 2020, indicating a slow decoupling over the decade.
• A sharp decline occurred after mid-2024, dropping from 0.82 in September 2024 to -0.66 in July 2025, marking the first sustained negative correlation in the dataset. This reversal is central to understanding the changing bitcoin hashrate price correlation, which historically remained strongly positive.

Overall, the long-term data reveal a strong and persistent relationship between Bitcoin’s hashrate and price for most of its history, with correlations consistently above 0.9 for more than a decade. This stability suggests that miner activity closely tracked market sentiment during Bitcoin’s formative years and early maturity.

However, beginning around 2019, the correlation began a slow downward trend, eventually breaking down completely after mid-2024. The emergence of negative values in 2025 indicates a structural shift in how miners respond to market conditions, suggesting that external factors, such as energy costs, network upgrades, or macroeconomic changes, may have begun to dominate the relationship between price and hashrate.

Following our analysis of hashrate correlation, this section focuses on Bitcoin’s monthly market price fluctuations, highlighting periods of rapid growth and sharp declines.

Monthly Bitcoin price changes: trends and volatility

The chart below presents the monthly percentage changes in Bitcoin’s market price from January 2009 through November 2025. It captures both periods of explosive growth, such as early 2011 and late 2013, and significant downturns, including mid-2018 and 2022. Analyzing these trends helps illustrate Bitcoin’s volatility over time and provides context for mining activity and market sentiment.

• The earliest significant increase occurred in November 2010, with a monthly gain of 172.94%, marking Bitcoin’s first major price surge.
• The largest single-month decline was in December 2018, dropping 42.22%, reflecting a major market correction.
• In recent years, volatility has persisted: May 2025 saw a rebound of 16.55%, following a sharp decline of -14.29% in March 2025.

Overall, Bitcoin’s monthly price changes demonstrate extreme volatility, with multiple periods of double- and triple-digit gains followed by steep corrections. In parallel, analyzing the average bitcoin mining rate provides additional insight into how miners adjust computing power in response to these price cycles. While early years were characterized by sporadic but dramatic growth, later periods show a pattern of cycles, including bursts of growth followed by stabilization or decline. This volatility underscores the unpredictable nature of Bitcoin markets, influenced by miner activity, investor sentiment, and broader macroeconomic factors.

Building on the monthly price fluctuations, this section examines Bitcoin’s annual performance to highlight broader trends and long-term market cycles.

Bitcoin market price changes by year

The chart below shows the yearly percentage changes in Bitcoin’s market price from 2009 to 2025. It illustrates dramatic growth periods, such as 2011 (+11,409%) and 2013 (+2,059%), alongside years of decline like 2015 (-47.91%) and 2022 (-37.23%).Observing annual changes helps identify long-term patterns in Bitcoin’s market behavior and investor sentiment over the years.

• Bitcoin experienced its largest annual gain in 2011, surging 11,409.27%, marking one of the most significant growth periods in cryptocurrency history.
• The steepest yearly decline occurred in 2015, with a -47.91% drop, highlighting early market volatility.
• In recent years, Bitcoin rebounded significantly: 2024 saw a 129.99% increase, followed by a 61.10% gain in 2025.

Overall, Bitcoin’s yearly market price changes reflect a highly volatile asset with both extraordinary growth and severe corrections. Early years showed exceptionally strong gains that captured widespread attention, while later years depict cycles of expansion and contraction. The data demonstrates Bitcoin’s potential for high returns but also underscores the importance of managing risk due to significant price swings. Comparing annual price movements with the bitcoin hash rate by year helps reveal how mining activity scaled relative to market performance.

While Bitcoin’s price reflects market sentiment, its hash rate represents the computing power securing the network. Tracking monthly changes in hash rate highlights miner activity and network growth over time.

Bitcoin hash rate monthly fluctuations

The chart below presents the monthly percentage changes in Bitcoin’s hash rate from 2009 to 2025. Early years show minimal mining activity, but from 2010 onwards, the hash rate began to grow rapidly, sometimes exceeding 500% monthly growth in certain months. Declines in the hash rate, such as in 2011 and 2015, reflect temporary drops in mining activity or network adjustments.

• The largest monthly increase occurred in August 2010, with a 500% jump, reflecting the early adoption of Bitcoin mining.
• Significant drops, like -34.28% in July 2021, highlight periods of miner exodus or network rebalancing.
• In recent years, monthly changes have been more moderate, typically ranging between -5% and +12%, reflecting a more mature and stable network. This stability is also reinforced by the rising average bitcoin hashrate, supported by a broader and more resilient miner base. Even during calmer periods, the minimum bitcoin hash rate in individual months highlights the floor of mining participation.

Bitcoin’s hash rate demonstrates the network’s long-term growth and resilience. Rapid early growth illustrates the initial boom in mining activity, while the more moderate fluctuations in recent years indicate increasing network stability and sustained miner participation. Monitoring hash rate trends alongside price movements helps understand the dynamics between market incentives and network security.

While monthly data show short-term miner activity, yearly changes highlight broader trends in network expansion and miner adoption.

Yearly changes in Bitcoin hash rate

The chart below shows Bitcoin’s yearly hash rate percentage changes from 2009 to 2025. The early years feature enormous growth rates, reflecting the rapid adoption of mining as Bitcoin gained recognition. For example, in 2011, the hash rate grew by over 52,000%, demonstrating the explosive increase in mining activity during Bitcoin’s infancy. In contrast, more recent years show moderate, steady growth, reflecting a mature network with high miner participation and relatively stable hardware expansion.

• The largest annual increase occurred in 2011, at 52,123%, driven by the first major wave of Bitcoin miners.
• Other early years also saw extraordinary growth, including 2013 (7,511%) and 2014 (11,064%), illustrating the rapid network expansion.
• From 2020 onward, annual growth has stabilized, typically between 20% and 70%, indicating a mature network and sustained mining activity.

Bitcoin’s yearly hash rate growth highlights the evolution from early explosive expansion to a more stable and resilient network. Tracking these annual changes provides insight into how mining adoption, hardware upgrades, and market incentives shape the security and stability of the Bitcoin network. These year-over-year shifts also contribute to the global bitcoin hashrate index, a consolidated metric that captures long-term miner activity and hardware expansion.

The Price-to-Hash Rate ratio (PHR) provides insight into the relationship between Bitcoin’s market value and the computational power securing the network. High ratios indicate periods where Bitcoin’s price outpaces mining growth, while low ratios suggest strong network expansion relative to price.

Bitcoin price-to-hash rate ratio over time

The chart below shows the monthly PHR from Bitcoin’s inception in 2009 through November 2025.

• Early years (2009-2010): PHR is essentially zero, reflecting negligible mining activity and Bitcoin’s near-zero market value.
• 2010-2013: The ratio rises sharply, peaking at $11.55 in September 2010, reflecting early adoption and price spikes relative to hash rate.
• 2013-2017: The ratio declines steadily, as hash rate growth outpaced price, indicating more miners entering the network.
• Post-2018: The ratio stabilizes at very low values (around $0.0001-$0.0004 per hash), showing a mature network with consistent mining power and a more proportional relationship to price.

The monthly price-to-hash rate ratio illustrates the evolving dynamics between Bitcoin’s price and network security. When analyzed alongside the average bitcoin mining hashrate, these ratios provide a more complete view of miner profitability. Large early fluctuations signal speculative price growth and early miner scarcity, whereas low, stable values in recent years reflect a robust network with high computational power relative to market valuation.

The yearly price-to-hash rate ratio (PHR) provides a long-term view of how Bitcoin’s market value relates to the computational power of the network. Higher ratios indicate periods where price growth outpaces mining expansion, while lower ratios suggest network growth is keeping pace with, or exceeding, price growth.

Price-to-hash rate yearly ratio

The chart below shows the yearly PHR from Bitcoin’s inception in 2009 through November 2025.

• 2009-2010: The PHR jumps from $0 to $4.51 in 2010, reflecting early Bitcoin adoption and very low network hash power.
• 2011-2013: The ratio declines steadily from $0.99 in 2011 to $0.15 in 2013, as mining power expanded rapidly while price growth, though significant, could not outpace hash rate gains.
• 2014-2017: PHR drops to very low values (below $0.001), showing that hash rate growth far outstripped annual price increases. Minor upticks in 2017 ($0.0006) reflect the dramatic price surge during the bull market.
• 2018-2025: PHR stabilizes at extremely low values (~$0.0001-$0.0003), highlighting a mature Bitcoin network where price and hash rate growth are proportionally aligned.

The yearly price-to-hash rate ratio reflects Bitcoin’s evolution from a nascent network with scarce miners to a highly secure, mature ecosystem. The trend highlights how mining efficiency and network security have scaled over time relative to market valuation, providing a long-term perspective on the interplay between network power and price.

The monthly price-to-hash rate percentage change highlights short-term fluctuations in the relationship between Bitcoin’s market price and network hash rate. Positive values indicate that price growth outpaced hash rate growth in a given month, while negative values indicate the opposite.

Bitcoin price-to-hash rate: monthly percentage change

The chart below illustrates the monthly percentage change in Bitcoin’s price-to-hashrate ratio from 2009 to 2025. Early years show minimal changes as the network was small and market activity limited, while later years reflect increasing volatility as mining capacity and Bitcoin price evolve. The data highlights periods when price growth outpaced hash rate, and vice versa, offering insights into market dynamics and miner profitability over time.

• From 2009 to 2010, monthly changes were consistently 0%, reflecting the very early network with minimal activity.
• May 2011 saw a sharp jump of +155.97%, indicating a rapid Bitcoin price increase relative to hash rate.
• 2014-2016 experienced mostly negative monthly changes, with short-term spikes like +105.24% in Mar 2015.
• By 2019-2025, monthly fluctuations stabilized mostly between -20% and +20%, showing a more mature network alignment between price and hash rate.

The monthly price-to-hash rate percentage change provides a granular view of the interplay between Bitcoin price and mining network growth. Early years show extreme volatility in the PHR metric due to low mining activity, while recent years demonstrate relative stability, reflecting a balance between network security (hash rate) and market valuation (price).

Building on the overall trends in Bitcoin’s price and network hash rate, it is insightful to examine how the ratio between price and hash rate has changed year over year.

Annual percentage fluctuations of the price per hash

The chart below illustrates the annual percentage change in Bitcoin’s price-to-hashrate ratio from 2009 to 2025. This metric highlights periods when price growth outpaced hash rate increases and vice versa, providing a clearer view of market efficiency relative to mining capacity. Notably, dramatic swings in some years reflect periods of heightened volatility in Bitcoin’s early and more mature market stages.

• The largest yearly decline occurred in 2014, with the price-to-hashrate ratio dropping by 97.35%.
• In contrast, 2021 saw a remarkable increase of 269.70%, marking the most significant yearly rise.
• After 2021, the ratio experienced a moderate recovery with an 8.36% increase projected for 2025.

The price-to-hashrate ratio exhibits extreme volatility, particularly during Bitcoin’s formative years and periods of market exuberance. Significant drops in multiple years, such as 2011 (-77.96%) and 2013 (-71.63%), indicate that hash rate growth sometimes outpaced price growth, while sharp increases like in 2021 reflect periods when price surged faster than mining capacity. Overall, the data suggests that the balance between Bitcoin’s price and network hash rate is highly sensitive to market cycles, with potential implications for miner profitability and network stability.

Conclusions

• By late 2025, Bitcoin’s network shows clear signs of structural maturity, with both hashrate growth and price behavior stabilizing after years of extreme volatility. The early era, defined by explosive increases in mining power and a major market correction, has transitioned into a phase where network security, miner participation, and market valuation are more proportionally aligned.
• The steady decline in the hash rate-price correlation, which remained near-perfect for over a decade before turning negative in 2025, marks a fundamental shift in how miners respond to market conditions. This decoupling suggests that external forces, such as energy pricing, hardware cycles, and macroeconomic pressures, now influence mining behavior more strongly than price alone.
• At the same time, volatility persists across both price and hashrate metrics, with sharp monthly swings still common despite broader stabilization. These fluctuations reflect changing miner profitability, seasonal energy dynamics, and periods of heightened market speculation. However, compared with earlier cycles, the network now absorbs such shocks more effectively, demonstrating growing resilience.
• Long-term data indicate that Bitcoin has evolved from a nascent, highly reactive system into a robust and security-dense network where sustained growth no longer depends on speculative surges or sudden mining booms. Instead, the ecosystem operates within more predictable ranges, supported by diversified miner infrastructure and global adoption.
• Looking ahead, Bitcoin’s trajectory will depend on its ability to balance energy availability, technological improvements, and miner incentives in an increasingly competitive environment. If current trends continue, the network will maintain stable security levels while adapting to the economic realities of a mature digital asset, positioning it for continued relevance as both an investment asset and a decentralized settlement layer.

Sources

1. https://www.blockchain.com/explorer/charts/hash-rate. Accessed 26 November 2025.