Despite the surge in network power, Bitcoin’s price continues to trade below $70,000, lagging behind the hashrate recovery. According to market analytics platform Hedgeye, the estimated cost to mine one Bitcoin in February sits near $84,000 — suggesting many miners may currently be operating at a loss.

Still, the rebound in computational power indicates miners are switching machines back on rather than capitulating. Historically, hashrate has often acted as a leading indicator, with price eventually following network strength. The current divergence between mining economics and market price is fueling speculation that miners are positioning early for a potential upside move.