According to CryptoQuant on-chain data, as of October 22, the Bitcoin network's real hashrate has recovered to 1000 EH/s (1 ZH/s), approaching its all-time high from late 2025, fully offsetting the decline seen in the first half of this year. This hashrate growth has led to mining difficulty reaching a new historical high of 140.58 T. Ki Young Ju, founder of CryptoQuant, noted that the current cycle signifies the mining industry's transformation from a venture capital-driven sector to a heavy industry controlled by large corporate capital. Currently, companies listed on US exchanges control 35% to 40% of the global hashrate, with their operational stability guaranteed by direct investments from traditional financial institutions. Ki Young Ju believes that a higher hashrate implies stronger security, serving as an indirect bullish signal from institutional investors.