Traders are watching the hash ribbon as extreme weather, rising costs and falling hashrate again test bitcoin’s resilience.
Miners slash hashrate as weekend storm hits operations
Over the weekend, a powerful U.S. storm disrupted Bitcoin mining, sending operating costs sharply higher and forcing some miners to power down hardware. As companies cut computing power, or hashrate, network capacity fell and profitability came under pressure. Moreover, crypto traders quickly shifted attention to an on-chain indicator that has historically mapped out major lows in the market.
The hashrate, which reflects the total computational power securing the Bitcoin blockchain, has dropped roughly 20%. It declined from around 1.2 zettahash per second (ZH/s) to approximately 950 exahashes per second (EH/s). That said, such sharp contractions have previously coincided with a process known as miner capitulation, where unprofitable operations temporarily shut down.
How the hash ribbon indicator
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