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Cycle Indicators

Difficulty Ribbon

Mining difficulty moving-average ribbon - miner stress indicator

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Chart informationDifficulty Ribbon

About This Indicator

The Difficulty Ribbon displays 8 moving averages (9 to 200 days) of Bitcoin's mining difficulty. When short-term MAs drop below long-term MAs, the ribbon compresses — signalling that miners are capitulating and selling Bitcoin to cover costs. Historically, ribbon compression has coincided with long-term buying opportunities.

Current Value & Interpretation

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Data Sources

  • Mining Difficulty: Blockchain.info (full history from 2009)
  • BTC Price: CoinGecko (stored daily)

Last Updated

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Related Charts

  • Puell MultipleCompares daily miner revenue against its 365-day moving average, helping identify miner stress and miner-revenue euphoria.
  • Hash RibbonsCompares 30-day and 60-day hash-rate moving averages. A buy signal is generated when the 30-day average crosses back above the 60-day average after a period of miner capitulation.
  • Bitcoin: Hash RateTotal network computational power, the raw series behind the Hash Ribbons and Puell Multiple charts. A rising trend reflects growing miner investment and security; sharp drops mark miner capitulation events.
  • Bitcoin: Electrical Cost of ProductionA Capriole-style estimate of the pure electricity cost to mine one Bitcoin, derived from network hash rate, an assumed improving miner-efficiency curve and a $0.05/kWh electricity price. It acts as a fundamental price floor: because miners must sell to cover costs, Bitcoin has historically rarely traded below its electrical cost for long, making tests of the floor strong long-term accumulation zones. The efficiency curve is a modelled assumption, so treat the line as an indicative floor rather than an exact cost.