BTC hashrate at 3 month highs

After a brief period of falling hashrate, it's back at it again.

Check it out:

(Source: https://twitter.com/CoinDeskMarkets/status/1093887858228805637)

Ironically the last time the hashrate was at these levels, the price was literally twice as high.

Why is that?

I don't really have a good answer for why that is.

If miners were turning off the machines due to not wanting to mine in the red, why have they turned them back on now?

I don't really know.

Perhaps they are betting on prices to rise from here going forward?

Though if that was the case, why not just buy the coins on the open market?!

Perhaps those finding cheaper and more efficient electricity are now joining the fray.

That is the most likely scenario.