Kraken Intelligence, the research department of the American cryptocurrency exchange Kraken, has developed a statistical model indicator called “true hashrate”. This indicator establishes a 95% range of “statistical confidence level” to predict Estimate the upper and lower limits of the hash rate. Setting a range is not to provide users with a single data point, but to provide a more accurate hash rate estimate. This further helps to determine the potential volatility of the mining industry’s sentiment and to review the early stages of Bitcoin through this indicator. The scope of this indicator has begun to shrink in recent years, which indicates that the popularity of the mining industry has stabilized in the past few years except for some notable events. The decrease in long-term volatility indicates that the mining industry is becoming a more mature industry, dominated by well-funded institutional investors.