BTC Hashrate at z=2.01 as Mempool Depth Falls to 56,946 Transactions

Hashrate Deviation Sits Above Its 30-Day Baseline

BTC hashrate reached 1,093,159,018,523,595 EH/s (z=2.01, +17.0% vs the 30-day mean of 934,670,164,809,496,264,704 TH/s, mempool.space). The reported unit mismatch between the baseline and the live reading should be resolved against the mempool.space feed before the deviation figure is relied on for any conclusion; the z-score and percentage change are the values provided in the data snapshot.

The regime is one of rising network security expenditure alongside falling transaction demand. Mempool transaction count sits at 56,946 (z=-5.21, -42.5% vs the 30-day mean of 98,962.27, mempool.space), which means miners are securing a network whose fee-paying backlog has contracted sharply. Historically, comparable deviations in network activity have preceded periods where miner revenue depended more heavily on block subsidy than on fees, though the specific precedent window is not catalogued in the reference set used here.

Two corroborating signals are present. Exchange netflow registered 0 BTC and miner outflows registered 0 BTC (CoinGlass), so no exchange-side or miner-side selling pressure is visible in the same window. The Fear & Greed Index read 68/100 (z=3.81, alternative.me), indicating elevated sentiment that has not yet been matched by on-chain transfer activity. BTC volume of $37.23B ran at 1.24x its 30-day average, with price at $82,447.

What to watch: if mempool transaction count recovers above 98,962 (the 30-day mean) on mempool.space over the next 7 days, the fee-demand contraction is reversing and the hashrate reading should be reassessed against a restored fee base.

Not financial advice.