Hashcats Minting Slows, Weakening HASH Buybacks
Hashcats, a proof-of-work NFT project on Robinhood Chain, is seeing weaker minting activity as it enters its tenth epoch. Recent output reached 4,566 mints, below the pace needed to complete the 16,376-cat collection. Only 9,109 NFTs have been minted, leaving 7,267 cats still to be created.
The slowdown is putting pressure on the HASH token’s deflationary model. Hashcats allocates 30% of NFT minting revenue to buy back and burn HASH, while 5% of token swap fees also support burns. The mechanism has already destroyed about 1.8 million HASH, or 41.3% of total supply, using approximately 194.6 ETH. A further 29 ETH remains in the buyback queue, providing short-term support but limited replenishment at current minting rates.
Minting costs for epoch 10 have risen to about 0.164 ETH, twice the previous epoch’s price. HASH is trading near 0.0001275 ETH, making the economics of continued mining less attractive for participants. Trading began around 11 September 2026, after 1,016 cats had been minted, with launch swap fees initially reaching 50% before falling to 2.5% within 10 minutes.
For traders, the key risk is that lower NFT demand could reduce future HASH buyback and burn activity. The remaining ETH reserve may support the token temporarily, but sustained weakness in minting could undermine the project’s deflationary narrative and increase volatility.
Bearish
The market impact is bearish for HASH because the project’s central value-support mechanism depends on continued NFT minting. Higher epoch costs have coincided with a sharp slowdown in demand, reducing the ETH revenue available for future buybacks and token burns. Although 29 ETH remains in the buyback queue and 41.3% of supply has already been burned, that reserve is finite and may only provide temporary support.
In the short term, traders may interpret falling mints as a weakening of user demand and reduce exposure, increasing selling pressure and volatility. The token could also experience brief rebounds if queued buybacks are executed or if minting activity improves. However, buyback-driven rallies in similar crypto projects often fade when new revenue fails to replenish the treasury.
Over the longer term, HASH’s outlook will depend on whether the project can restore minting momentum, justify the higher 0.164 ETH entry cost and maintain liquidity. If activity continues to decline, the deflationary narrative may lose credibility despite past burns. The assessment is project-specific and does not imply a bearish view on the broader crypto market.