Bitcoin Yardstick data confirmed a new record for BTC price “deep value” in February as miners battled the lowest price levels in 15 months.
Bitcoin (BTC) is “off the chart” in terms of value-for-money as price diverges from hash rate, a market analyst says.
Key points:
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Bitcoin price action is diverging from hash rate to an extent never seen before.
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The Bitcoin Yardstick metric shows that price is in its “deep value” range.
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Hash rate continues to circle its historical highs despite a 40% BTC price drawdown.
Bitcoin Yardstick shows record “deep value”
Updating X followers on his Bitcoin Yardstick metric, Charles Edwards, founder of Bitcoin and digital asset hedge fund Capriole Investments, confirmed that it was in new territory.
The Bitcoin Yardstick divides market cap by hash rate, normalized over a two-year period. The result is an expression of Bitcoin’s “value” at a given price point and hash rate level.
“Similar in concept to a ‘PE Ratio,’ except instead of stock earnings, the Bitcoin Yardstick is taking the ratio of energy work done to secure the Bitcoin network in relation to price,” Edwards explained while introducing the metric in 2022.
Bitcoin Yardstick overview. Source: Capriole InvestmentIn February this year, Bitcoin generated its lowest Yardstick numbers on record, going far beyond the lows of the 2022 bear market.
After hitting 15-month lows near $59,000 earlier that month, the Yardstick fell to 0.35 — below the one standard deviation of its mean, the level Edwards describes as a prerequisite for Bitcoin being “cheap.”
The Yardstick currently measures 0.40, still well within “cheap” territory relative to hash rate.
“Bitcoin yardstick is literally off the chart in deep value,” Edwards told X followers this week.
Bitcoin Yardstick chart. Source: Capriole InvestmentHash rate weathers 40% price decline
Bitcoin miners have struggled this year as price has fallen, but hash rate remains around the one zettahash per second (ZH/s) level, per data from BitInfoCharts.
Related: Gold slides as traders eye sub-$50K BTC: Five things to know in Bitcoin this week
Bitcoin average hash rate (raw values). Source: BitInfoChartsThe result is a lower hash rate decline compared to price, which is currently more than 40% below its all-time highs from October 2025.
Earlier in March, Edwards noted a “measured collapse” in miners’ BTC selling as price recovered from the lows, something that historically has always been “bullish.”
Previously, Cointelegraph reported on declining miner influence over price in the era of institutional investment.
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