ON-CHAIN METRIC
Hash Ribbons
What do the fast and slow hashrate averages show about network contraction and recovery?
Open the Mining & Network dashboard
Bitcoin Hash Ribbons compare short and long moving averages of estimated hashrate, commonly the 30-day and 60-day averages. The chart highlights periods when the faster trend falls below the slower one and later recovers.
Those crossings are often labelled miner capitulation and recovery. They are signals derived from an estimate of network capacity, not direct observations of miner solvency or selling.
What the crossing shows
When the 30-day average falls below the 60-day average, estimated hashrate has weakened relative to its slower trend. That is consistent with capacity leaving the network.
Unprofitable hardware can cause the move, but so can outages, regulation, relocation or curtailment. The chart cannot choose between them.
Why the recovery is watched
A later move of the fast average back above the slow one shows that estimated hashrate momentum has improved. Historically, analysts have treated that recovery as more constructive than the initial contraction.
It does not prove failed miners were absorbed, that mining is profitable for every operator or that Bitcoin’s price must rise. It only shows a turn in the smoothed network estimate.
What the model misses
Moving averages are lagging by construction, and hashrate itself is estimated from random block arrivals. Window choice and smoothing affect the dates of each crossing.
Use hashprice, difficulty, fees and miner-flow data to test the economic story behind the signal.
How to read it
Expansion. The fast hashrate average sits above the slow average.
Negative cross. The fast average moves below the slow one, signalling relative contraction.
Inversion. The fast average remains below the slow average.
Recovery cross. The fast average returns above the slow one.
Hash Ribbons sits inside the Mining & Network dashboard, beside the Puell Multiple, hashprice and miner-stress views.
Common questions
Which averages does Hash Ribbons use?
The common version uses 30-day and 60-day moving averages of estimated hashrate. The chart should state its exact implementation.
Does an inversion prove miner capitulation?
No. It proves only that the fast hashrate trend fell below the slow trend. External data is needed to identify the cause.
Why watch the recovery cross?
It shows that the faster estimate has regained momentum relative to the slower one after a contraction.
Is Hash Ribbons a leading indicator?
No. Both the hashrate estimate and its moving averages use past block data, so the signal is lagging.
What should I pair with it?
Hashprice, miner revenue, difficulty, fees and known operational events. Together they separate economics from outages or policy shocks.
ON-CHAIN METRIC
Hash Ribbons
What do the fast and slow hashrate averages show about network contraction and recovery?
Open the Mining & Network dashboard
Bitcoin Hash Ribbons compare short and long moving averages of estimated hashrate, commonly the 30-day and 60-day averages. The chart highlights periods when the faster trend falls below the slower one and later recovers.
Those crossings are often labelled miner capitulation and recovery. They are signals derived from an estimate of network capacity, not direct observations of miner solvency or selling.
What the crossing shows
When the 30-day average falls below the 60-day average, estimated hashrate has weakened relative to its slower trend. That is consistent with capacity leaving the network.
Unprofitable hardware can cause the move, but so can outages, regulation, relocation or curtailment. The chart cannot choose between them.
Why the recovery is watched
A later move of the fast average back above the slow one shows that estimated hashrate momentum has improved. Historically, analysts have treated that recovery as more constructive than the initial contraction.
It does not prove failed miners were absorbed, that mining is profitable for every operator or that Bitcoin’s price must rise. It only shows a turn in the smoothed network estimate.
What the model misses
Moving averages are lagging by construction, and hashrate itself is estimated from random block arrivals. Window choice and smoothing affect the dates of each crossing.
Use hashprice, difficulty, fees and miner-flow data to test the economic story behind the signal.
How to read it
Expansion. The fast hashrate average sits above the slow average.
Negative cross. The fast average moves below the slow one, signalling relative contraction.
Inversion. The fast average remains below the slow average.
Recovery cross. The fast average returns above the slow one.
Hash Ribbons sits inside the Mining & Network dashboard, beside the Puell Multiple, hashprice and miner-stress views.
Common questions
Which averages does Hash Ribbons use?
The common version uses 30-day and 60-day moving averages of estimated hashrate. The chart should state its exact implementation.
Does an inversion prove miner capitulation?
No. It proves only that the fast hashrate trend fell below the slow trend. External data is needed to identify the cause.
Why watch the recovery cross?
It shows that the faster estimate has regained momentum relative to the slower one after a contraction.
Is Hash Ribbons a leading indicator?
No. Both the hashrate estimate and its moving averages use past block data, so the signal is lagging.
What should I pair with it?
Hashprice, miner revenue, difficulty, fees and known operational events. Together they separate economics from outages or policy shocks.