On-chain data shows the Bitcoin Hash Ribbons are signaling that the miners are still under immense pressure as their capitulation continues.
Bitcoin Hash Ribbons Are Yet To Signal End Of Miner Capitulation
In a post on X, CryptoQuant community manager Maartunn has shared what the latest trend in the Bitcoin Hash Ribbons has been looking like. The “Hash Ribbons” here refer to two moving averages (MAs) of the Bitcoin mining hashrate.
The mining hashrate measures the total computing power the miners have currently connected to the BTC network. This metric may be considered a reflection of the situation among these chain validators.
When the value of the hashrate goes up, it means new miners are joining the network and old ones are expanding their facilities. Such a trend implies these chain validators are now finding the network attractive.
On the other hand, the indicator registering a decline suggests some miners have decided to disconnect from the blockchain, potential
We współpracy z: https://bitcoinist.com/bitcoin-miner-capitulation-continues-hash-ribbons/
