Bitcoin hash ribbons
A miner stress signal: when the short-term hash rate drops below the long-term one, miners are switching off; when it recovers, the stress is over.
Hash ribbons today
Compiled by SBZ from Bitcoin network data. Updated hourly.
When the 30-day hash rate falls below the 60-day, miners are under stress. The cross back above has often marked good buying zones.
Computing power securing Bitcoin. Higher means a stronger network. 7-day average; the 12-month change compares 30-day averages.
What are hash ribbons?
Hash ribbons compare two moving averages of Bitcoin’s hash rate, the computing power securing the network: a 30-day average and a 60-day average. The indicator was created by analyst Charles Edwards. When the 30-day average falls below the 60-day, miners are switching machines off, usually because mining has become unprofitable after a price fall or a halving.
How to read it
A period with the 30-day average below the 60-day is called miner capitulation: weaker miners shut down and may sell their bitcoin to cover costs. The signal most traders watch is the end of it, when the 30-day average crosses back above the 60-day. That recovery has often come near the end of selling pressure and, historically, has marked good buying zones. The card shows the current state and the date of the last cross.
Limits
Hash rate is estimated from how fast blocks are found, so it is noisy. Signals are rare and lag the market, and the price can keep falling after a buy signal. Read it with hashprice and the Puell Multiple, which show miner income directly.
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Frequently asked questions
What is a hash ribbons buy signal?
The 30-day hash rate average crossing back above the 60-day after a period below it: the end of miner capitulation.
What is miner capitulation?
A stretch when miners switch off machines because mining is unprofitable. It shows as the 30-day hash rate falling below the 60-day.
Who created hash ribbons?
Analyst Charles Edwards, who published the indicator in 2019.
Are miners under stress today?
The live state is shown at the top of this page, with the gap between the two averages and the date of the last cross.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.