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Cycle Indicators

Hash Ribbons

Miner capitulation and recovery signals using hash-rate moving averages

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Chart informationHash Ribbons

About This Indicator

Hash Ribbons use the 30-day and 60-day moving averages of Bitcoin's hash rate to identify miner capitulation and recovery phases. When the 30d MA crosses back above the 60d MA after a period of miner stress, it has historically produced some of Bitcoin's most reliable long-term buy signals.

Current Value & Interpretation

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Data Sources

  • Hash Rate: 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.
  • Difficulty RibbonLayers multiple mining-difficulty moving averages (9, 14, 25, 40, 60, 90, 128, 200 days). Compression can indicate miner stress; expansion after compression can indicate recovery.
  • 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.