Bitcoin Hash-Rates at All Time Highs - What does this imply?

Hash-rates up over 3x from the china ban low, and 1.5x from bull market peak prices.

Look at how crazy the hash-rate on bitcoin mining has been getting even in contrast to its lower price levels recently. The big dip on the red line is when hash-rates fell due to china banning bitcoin mining back in 2021. Look how much its recovered. Wow.

This is actually pretty nuts, because one of the aspects in how bitcoin works, is to do with the relationship between Bitcoin price, and its hash-rate. As hash-rates go up, it becomes literally harder to mine bitcoin due to the difficulty adjustment, making it cost more money to mine from an energy and equipment input perspective.

When Bitcoin prices are low, it also means that the rewards received from mining are lower in total value than normal. The fact hash-rates are up way higher than they were during the recent bull-market peak prices even despite the china ban in 2021, is actually quite astonishing.

What do you guys think this means for Bitcoin?

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Chart provided by YouTube channel Invest Answers.