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Bitcoin’s resurgence to its late 2021 peak price in May 2024 was accompanied by a significant increase in hash rate, a measure of the computational power dedicated to the network. Despite the lack of substantial price appreciation, the hash rate has nearly tripled, surpassing 300 exahashes per second (EH/s). This disparity between price and hash rate highlights the evolving dynamics of the Bitcoin market, where factors beyond speculation and short-term market sentiment are influencing its trajectory.