Hash Ribbons
What Is Hash Ribbons?
Compares the 30-day and 60-day moving averages of Bitcoin's hash rate. When the 30d MA crosses below the 60d MA, it signals miner capitulation; crossing back above signals recovery.
How to Interpret
Hash ribbon buy signals (recovery crosses after capitulation) have historically been excellent long-term buying opportunities. Miner capitulation forces weak miners to sell, creating buying opportunities.
More Mining Metrics
Difficulty Regression
A model that tracks Bitcoin's price relative to mining difficulty. Since miners are key price-insensitive sellers, the relationship between price and difficulty provides fundamental price support levels.
Profitable Mining Days
The percentage of days in which mining at the current hash rate and difficulty would have been profitable. Indicates the overall health and sustainability of mining.
Hash Rate
The total computational power dedicated to Bitcoin mining, measured in exahashes per second (EH/s). Higher hash rate = more secure network.
Mining Fee Revenue
The percentage of total miner revenue derived from transaction fees vs. block subsidies. As block rewards halve, fee revenue becomes increasingly important for mining sustainability.