Over the course of 2022, Bitcoin's hashrate has grown 19%; meanwhile, USD hashprice and BTC hashprice have fallen 50% and 19%, respectively.

Suppressed mining economics means that miners won’t expand as aggressively this year as projected. Indeed, Core Scientific and Bitfarms, for example, have walked back their end-of-year projections.

As we enter a bear market hashprice environment, plenty of miners will see their ROI projections rise (and in some cases, double) because they over-payed for CAPEX last year. Now, energy prices are rising as well, so some miners have seen their OPEX rise and further inflate their ROI timeline.

This doesn't even mention the fact that, as credit becomes more expensive, newer mining operations will be put on pause or scrapped entirely. As such, we expect Bitcoin's hashrate to grow much more slowly this year than most folks expected.