#miner capitulation

[bitcoinversus]

Loka Mining Unveils New Hashrate Financing Solution

Loka Mining introduces forward hashrate contracts to mitigate #bitcoin mining challenges.

As the Bitcoin mining industry faces increasing financial strain due to declining block rewards and rising operational costs, Loka Mining has unveiled a forward-thinking solution. The company’s CEO, Andy Fajar Handika, introduced forward hashrate contracts as a novel way for miners to secure short-term financing by selling their future hashrate. This approach aims to provide smaller mining…

[probablyasocialecologist]

For any British, left-wing person, remembering the mid-1980s is liable to provoke a sadness that is visceral, choking, wrenching. I still can’t recall without weeping the day when the miners returned to work in 1985 after a year on strike. What I have called capitalist realism — the deeply embedded belief that there is no alternative to capitalism — was definitively established in the UK during that period, in Margaret Thatcher’s second term in government. For a significant proportion of the population, the 1982 Falklands War had transformed Thatcher from a figure of loathing into a glorious war leader. This renewed popularity, together with the formation of the Social Democratic Party by Labour Party defectors, allowed the Tories to achieve a landslide victory in the 1983 general election. It proved to be a traumatic defeat for the British left in general, and for the Labour Party in particular. Labour began its long march towards Blairism and its eventual complete capitulation to neoliberalism and corporate tyranny.

k-punk: The Collected and Unpublished Writings of Mark Fisher (2004-2016)

[brookstonalmanac]

Events 11.18 (after 1940)

1940 – World War II: German leader Adolf Hitler and Italian Foreign Minister Galeazzo Ciano meet to discuss Benito Mussolini's disastrous Italian invasion of Greece. 1943 – World War II: Battle of Berlin: Four hundred and forty Royal Air Force planes bomb Berlin causing only light damage and killing 131. The RAF loses nine aircraft and 53 air crew. 1944 – The Popular Socialist Youth is founded in Cuba. 1947 – The Ballantyne's Department Store fire in Christchurch, New Zealand, kills 41; it is the worst fire disaster in the history of New Zealand. 1949 – The Iva Valley Shooting occurs after the coal miners of Enugu in Nigeria go on strike over withheld wages; 21 miners are shot dead and 51 are wounded by police under the supervision of the British colonial administration of Nigeria. 1961 – United States President John F. Kennedy sends 18,000 military advisors to South Vietnam. 1963 – The first push-button telephone goes into service. 1970 – U.S. President Richard Nixon asks the U.S. Congress for $155 million in supplemental aid for the Cambodian government. 1971 – Oman declares its independence from the United Kingdom. 1978 – The McDonnell Douglas F/A-18 Hornet makes its first flight, at the Naval Air Test Center in Maryland, United States. 1978 – In Jonestown, Guyana, Jim Jones leads his Peoples Temple to a mass murder–suicide that claimed 918 lives in all, 909 of them in Jonestown itself, including over 270 children. 1983 – Aeroflot Flight 6833 is hijacked en route from Tbilisi to Leningrad. After returning to Tbilisi, the aircraft is subsequentially raided on the ground, resulting in seven deaths. 1985 – The first comic of Calvin and Hobbes is published in ten newspapers. 1987 – King's Cross fire: In London, 31 people die in a fire at the city's busiest underground station, King's Cross St Pancras. 1991 – Shiite Muslim kidnappers in Lebanon release Anglican Church envoys Terry Waite and Thomas Sutherland. 1991 – After an 87-day siege, the Croatian city of Vukovar capitulates to the besieging Yugoslav People's Army and allied Serb paramilitary forces. 1991 – The autonomous Croatian Community of Herzeg-Bosnia, which would in 1993 become a republic, was established in Bosnia and Herzegovina. 1993 – In the United States, the North American Free Trade Agreement (NAFTA) is approved by the House of Representatives. 1993 – In South Africa, 21 political parties approve a new constitution, expanding voting rights and ending white minority rule. 1996 – A fire occurs on a train traveling through the Channel Tunnel from France to England causing several injuries and damaging approximately 500 metres (1,600 ft) of tunnel. 1999 – At Texas A&M University, the Aggie Bonfire collapses killing 12 students and injuring 27 others. 2002 – Iraq disarmament crisis: United Nations weapons inspectors led by Hans Blix arrive in Iraq. 2003 – The Massachusetts Supreme Judicial Court rules 4–3 in Goodridge v. Department of Public Health that the state's ban on same-sex marriage is unconstitutional and gives the state legislature 180 days to change the law making Massachusetts the first state in the United States to grant marriage rights to same-sex couples. 2012 – Pope Tawadros II of Alexandria becomes the 118th Pope of the Coptic Orthodox Church of Alexandria. 2013 – NASA launches the MAVEN probe to Mars. 2020 – The Utah monolith, built sometime in 2016 is discovered by state biologists of the Utah Division of Wildlife Resources.

[blockinsider]

US Spot BTC ETFs Fuel Bitcoin Price Uncertainty: A Critical Juncture Unfolds

Key Points

Bitcoin (BTC) price faces significant resistance at around $64K, with potential reversal trends appearing in the market.

Bitcoin whales’ mixed on-chain activities and the high demand from US spot BTC ETFs are influencing the BTC market.

Bitcoin’s price has encountered a strong resistance level of approximately $64K, aligning with the 200-day Moving Average (MA) in recent times. In a four-hour timeframe, there’s a possible reversal trend being formed, marked by a rising trend along with a bearish divergence on the Relative Strength Index (RSI).

The daily death-cross between the 50 and 200 MA is already impacting the bullish sentiment. Experienced trader Peter Brandt warns traders about a midterm bearish outlook. Brandt suggests that for the macro bearish trend that started in early March to be invalidated, Bitcoin’s price must consistently close above the July high of roughly $69,831.

Bitcoin’s Market Outlook

Brandt further noted that despite positive fundamentals, the BTC price has been forming an expanding triangle with lower highs and lower lows. In the midterm, if Bitcoin’s price holds above the support level of around $63.3k, it could rally toward $65.5K. However, if the bears overpower the buyers in the upcoming days, traders should anticipate a drop below $60k.

According to on-chain data analysis, some large investors, led by Bitcoin miners, have been selling their holdings, while others have been purchasing more. Data from Santiment reveals that Bitcoin miners have sold over 20k Bitcoin, valued at over $1.3 billion, in the past 24 hours.

US Spot BTC ETFs Influence Bitcoin Market

Nevertheless, the supply of Bitcoin in centralized exchanges has decreased by nearly 100k units, valued at over $6.4 billion, in the past 30 days. This decline in Bitcoin supply in centralized exchanges can be directly linked to the high demand from US spot BTC ETF issuers. Latest market data shows that the US spot BTC ETFs have registered almost $1 billion in cash inflows over the past three weeks.

On Wednesday, the US spot BTC ETFs recorded net cash inflows of about $106 million, led by BlackRock’s IBIT with a total of around $184 million. However, Fidelity’s FBTC and ARK 21Shares Bitcoin ETF (ARKB) registered a net cash outflow of about $33 million and $47 million respectively on Wednesday.

Bitcoin whales’ mixed reactions have negatively impacted the bullish midterm sentiment. As we approach the end of the turbulent September, the fear of further crypto capitulation has significantly reduced. Bitcoin’s fear and greed index is around 50 percent, indicating market neutrality, as the underlying value traded above $63K.

The upcoming US 2024 elections, amid the shifting economic climate, are expected to trigger a fresh crypto bull run in the fourth quarter. Furthermore, Gold and major stock indexes have been on a rising trend, with the former rallying to a new all-time high earlier today.

[coineagle]

US Rises in Bitcoin Mining Race to Challenge China’s Dominance

Key Points

US and China now control 95% of the Bitcoin mining hash rate.

This shift in power may lead to mass miner capitulation.

Bitcoin mining is undergoing a significant change, with 95% of the mining hash rate now controlled by two countries: the US and China. This power concentration could lead to mass miner capitulation.

Shift in Hashrate Distribution

The US now controls 40% of the Bitcoin mining hashrate, with China holding 55%. Previously, Chinese miners had the upper hand due to inexpensive hardware. However, the focus is now shifting to cost-effective energy sources. This change is largely due to China’s regulatory crackdown, which is causing mining operations to relocate to areas with more favorable energy conditions.

The US is narrowing the gap, controlling 40% of the hash pool. This shift is especially beneficial for US-based Bitcoin mining companies, particularly those catering to institutional investors. However, this mass exodus could present challenges for US miners as increased competition may thin profits.

Implications for Bitcoin Miners

Bitcoin miners have likely capitalized on profits while Bitcoin consolidated above $63K and peaked near $64K, as indicated by miner reserves hitting all-time lows. With Bitcoin mining difficulty reaching new monthly highs, seizing any opportunity for gains has become essential.

The influx of miners in the US raises concerns, as the increased competition is expected to drive difficulty to new records, ultimately reducing rewards. This could significantly threaten Bitcoin’s ability to reach the $68K resistance. On the other hand, this situation may underscore the dominance of large mining companies, giving them an advantage as smaller miners exit the market and further centralizing the network.

Large Bitcoin mining houses may seek to leverage their resources and take charge as many miners exit due to increasing difficulty. The largest Bitcoin mining company in the US, for example, has strategically amassed holdings. Their substantial holdings could also provide an advantage during miner capitulation, enabling them to absorb pressure when Bitcoin hits the market top. However, increased centralization could pose problems for the Bitcoin mining industry, preventing Bitcoin from breaking through the crucial $64K resistance.

[insideoutvietnam]

Bitcoin Miner Capitulation and Record High Hashrate Point to Possible Price Bottom: CryptoQuant

Such expansion comes despite a recent drop in bitcoin (BTC) prices, indicating positive sentiment among miners after a bout of selling in the past few months. Bitcoin (BTC) miners are expanding their capacity again as network hashrate reached a fresh all-time high this week following a capitulation event, on-chain analysis firm CryptoQuant shared in a report with CoinDesk. Network hashrate set a…

[if-you-fan-a-fire]

"Noranda Miners' Strike Is Over," Ottawa Journal. June 15, 1934. Page 1. ---- 300 Men Ask to Be Permitted to Return to Their Jobs. ---- Canadian Press by Direct Wire. NORANDA, Que., June 15. - Officials at Noranda mines today declared the strike of 300 miners was at an end and that the men have asked to be permitted to return to work immediately. It was not announced whether there had been a settlement of differences or whether the miners had capitulated.`

[digicloudm]

Bitcoin miners ‘near capitulation’ as profits dry up alongside BTC sell-off

According to market intelligence firm CryptoQuant, Bitcoin miner capitulation metrics are approaching the same level as the market bottom following the FTX crash in late 2022, signaling a possible bottom for BTC. Miner capitulation is a process in which some miners reduce their operations or sell a portion of their mined Bitcoin and reserves to stay afloat or” earn yield or hedge their Bitcoin…

[blockchainfeed]

The post QCP Analysts See Signs of Bitcoin Bottom as Miners Capitulate appeared first on Coinpedia Fintech News QCP, a trading firm, revealed significant developments in the cryptocurrency market. Bitcoin’s recent dip below $59,000 underscores the h #Blockchain #Crypto

[samdrews]

Ki Young Ju, co-founder and CEO of CryptoQuant, recently addressed Bitcoin (BTC) miner capitulation on Twitter. He believes a bullish trend might emerge if U.S.-based BTC mining firms and their crypto holdings are acquired at lower prices in 2023, though he considers this scenario unlikely.

Ki Young Ju noted the recent surge in BTC's hash rate, attributing it to U.S. miners operating at full capacity to repay equipment financing debt. Foundry USA pool, a subsidiary of Digital Currency Group (DCG), has dominated 42% of the total hash rate over the past 24 hours. Some mining companies using Foundry USA, like Core Scientific, have filed for Chapter 11 bankruptcy or reported significant losses.

He highlighted the fragility of Foundry USA due to its FTX contagion risk and pointed out that Bitcoin's hash price recently hit a four-year low, making mining ROI poor. Historically, small and mid-sized miners capitulate by selling all Bitcoins and rigs when underwater. However, Ki Young Ju suggests that U.S. institutional miners might handle the situation differently. If these mining companies and their assets are bought at a discount, it would not directly impact market selling pressure.

While it remains uncertain if bankrupt crypto firms will be acquired, Ki Young Ju hopes TradeFi or tech giants will buy U.S. crypto firms and their assets at a discount, thereby reducing systemic risk.

[market-news-24]

The network hashrate has experienced a significant drop of 20%, causing concern among traders and investors. This sudden decrease in computational power could have far-reaching implications for the cryptocurrency Market. Stay tuned for updates on how this development may impact Market trends. Click to Claim Latest Airdrop for FREE Claim in 15 seconds Scroll Down to End of This Post const downloadBtn = document.getElementById('download-btn'); const timerBtn = document.getElementById('timer-btn'); const downloadLinkBtn = document.getElementById('download-link-btn'); downloadBtn.addEventListener('click', () => downloadBtn.style.display = 'none'; timerBtn.style.display = 'block'; let timeLeft = 15; const timerInterval = setInterval(() => if (timeLeft === 0) clearInterval(timerInterval); timerBtn.style.display = 'none'; downloadLinkBtn.style.display = 'inline-block'; // Add your download functionality here console.log('Download started!'); else timerBtn.textContent = `Claim in $timeLeft seconds`; timeLeft--; , 1000); ); Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators [ad_1] The world of Bitcoin after the halving event has been full of surprises. Recently, there has been a 20% drop in Bitcoin's computational power, known as hashrate, sparking debates among experts. Some analysts believe that this decline may indicate a "miner capitulation," where less efficient miners are shutting down their operations due to reduced profits post-halving. This has led to a decrease in hashrate, impacting the overall mining activity. One of the technical indicators supporting this theory is Hash Ribbons, which tracks the difference between short-term and long-term hashrate averages. The recent plunge in hashrate has raised concerns of miner capitulation, historically linked to price lows for Bitcoin. Another concerning factor is the decrease in Bitcoin's Miner Reserve, indicating that miners may be selling off their coins. However, some experts see this as a buying opportunity, citing the Market Value to Realized Value ratio, suggesting Bitcoin might be undervalued. Despite these indicators, not all analysts are convinced of a mass miner exodus. Some attribute the hashrate decline to temporary factors like extreme weather disruptions. The post-halving period is typically a time of adjustment for miners, and short-term fluctuations may not necessarily signal a long-term trend. In conclusion, the situation in the post-halving Bitcoin landscape is still evolving. While some see potential buying opportunities, particularly for long-term investors, others remain cautious. The future of Bitcoin's hashrate and mining activity is uncertain, making it important for investors to stay informed and adapt to the changing Market conditions. Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators [ad_2] 1. What is network hashrate? Network hashrate is the measuring unit of the processing power of a cryptocurrency network. 2. Why did the network hashrate take a 20% dive? The network hashrate took a 20% dive due to a decrease in the number of miners participating in verifying transactions on the network. 3. What does a decrease in network hashrate mean for cryptocurrency traders? A decrease in network hashrate can lead to slower transaction times and higher fees for cryptocurrency traders. 4. Will the network hashrate recover after a 20% dive? It is possible for the network hashrate to recover after a 20% dive as miners may return to the network once the profitability of mining increases. 5. How can cryptocurrency miners help stabilize the network hashrate? Cryptocurrency miners can help stabilize the network hashrate by increasing their mining efforts and investing in more efficient mining equipment. Win Up To 93% Of Your Trades With The World's #1 Most Profitable Trading Indicators

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[drewssam]

Bitcoin Miners Are at Risk of Losing It All’ Amid the Bearish Market

Bitcoin miners are confronting substantial risks amidst a bearish market outlook, according to recent analysis. The BTC hashrate has surged to record highs, fueling concerns of potential capitulation. CryptoQuant, an on-chain crypto analysis platform, warns of impending troubles for investors should BTC dip below current price levels.

The elevated hashrate poses dual challenges for miners: inadequate transaction fee revenues to cover costs and the necessity to offload mined coins to finance operational expenses. Should BTC demand decline or its price falter, miners could face liquidity issues.

In such a scenario, the aftermath might not be as dire as anticipated, primarily due to investor confidence in Bitcoin's resilience. However, a more plausible explanation lies in miners' inability to swiftly liquidate their coins on exchanges amid overwhelming sell pressure. Consequently, a substantial portion of mined Bitcoin might be stashed in cold storage until market conditions improve, likely during the next bull run.

Technical indicators paint a mixed picture for BTC's future trajectory. While the MACD line signaling bearish momentum and the SMA crossover suggesting a downtrend, bullish patterns on the 1-day chart imply potential upward movement toward $20,000.

In conclusion, despite the prevailing bearish sentiment, Bitcoin miners face significant risks, particularly if BTC drops below $19,000. Nonetheless, indicators hint at potential for another bullish phase, albeit the timing remains uncertain.

[brookstonalmanac]

Events 11.18 (after 1930)

1940 – World War II: German leader Adolf Hitler and Italian Foreign Minister Galeazzo Ciano meet to discuss Benito Mussolini's disastrous Italian invasion of Greece. 1943 – World War II: Battle of Berlin: Four hundred and forty Royal Air Force planes bomb Berlin causing only light damage and killing 131. The RAF loses nine aircraft and 53 air crew. 1944 – The Popular Socialist Youth is founded in Cuba. 1947 – The Ballantyne's Department Store fire in Christchurch, New Zealand, kills 41; it is the worst fire disaster in the history of New Zealand. 1949 – The Iva Valley Shooting occurs after the coal miners of Enugu in Nigeria go on strike over withheld wages; 21 miners are shot dead and 51 are wounded by police under the supervision of the British colonial administration of Nigeria. 1961 – United States President John F. Kennedy sends 18,000 military advisors to South Vietnam. 1963 – The first push-button telephone goes into service. 1970 – U.S. President Richard Nixon asks the U.S. Congress for $155 million in supplemental aid for the Cambodian government. 1971 – Oman declares its independence from the United Kingdom. 1978 – The McDonnell Douglas F/A-18 Hornet makes its first flight, at the Naval Air Test Center in Maryland, United States. 1978 – In Jonestown, Guyana, Jim Jones leads his Peoples Temple to a mass murder–suicide that claimed 918 lives in all, 909 of them in Jonestown itself, including over 270 children. 1983 – Aeroflot Flight 6833 is hijacked en route from Tbilisi to Leningrad. After returning to Tibilisi, the aircraft is subsequentially raided on the ground, resulting in seven deaths. 1987 – King's Cross fire: In London, 31 people die in a fire at the city's busiest underground station, King's Cross St Pancras. 1991 – Shiite Muslim kidnappers in Lebanon release Anglican Church envoys Terry Waite and Thomas Sutherland. 1991 – After an 87-day siege, the Croatian city of Vukovar capitulates to the besieging Yugoslav People's Army and allied Serb paramilitary forces. 1991 – The autonomous Croatian Community of Herzeg-Bosnia, which would in 1993 become a republic, was established in Bosnia and Herzegovina. 1993 – In the United States, the North American Free Trade Agreement (NAFTA) is approved by the House of Representatives. 1993 – In South Africa, 21 political parties approve a new constitution, expanding voting rights and ending white minority rule. 1996 – A fire occurs on a train traveling through the Channel Tunnel from France to England causing several injuries and damaging approximately 500 metres (1,600 ft) of tunnel. 1999 – At Texas A&M University, the Aggie Bonfire collapses killing 12 students and injuring 27 others. 2002 – Iraq disarmament crisis: United Nations weapons inspectors led by Hans Blix arrive in Iraq. 2003 – The Massachusetts Supreme Judicial Court rules 4–3 in Goodridge v. Department of Public Health that the state's ban on same-sex marriage is unconstitutional and gives the state legislature 180 days to change the law making Massachusetts the first state in the United States to grant marriage rights to same-sex couples. 2012 – Pope Tawadros II of Alexandria becomes the 118th Pope of the Coptic Orthodox Church of Alexandria. 2013 – NASA launches the MAVEN probe to Mars. 2020 – The Utah monolith, built sometime in 2016 is discovered by state biologists of the Utah Division of Wildlife Resources.

[blockinsider]

Bitcoin Value Soars Past $58K as US Hits Record Low Inflation Rates

Key Points

Bitcoin’s price jumped over 3% in the past day, reaching around $58,424, as it attempts to regain the critical $58K support level.

The US annual inflation rate dropping to its lowest since March 2021 and increased demand from institutional investors influenced the Bitcoin price surge.

Bitcoin’s price has seen a significant increase of over 3% in the last 24 hours, hitting a daily high of approximately $58,424.

The leading cryptocurrency is striving to reclaim the significant support level of about $58K, in anticipation of a bullish breakout in the fourth quarter.

Market Response to Bitcoin’s Price Surge

The total cryptocurrency market capitalization rose nearly 2% to approximately $2.12 trillion on Thursday, during the early European session, following the Bitcoin surge.

Investors turned their attention to the Bureau of Labor Statistics’ monthly and annual Consumer Price Index (CPI) data after the US presidential debate concluded without any mention of cryptocurrency issues.

The US annual CPI data, which majorly accounts for overall inflation, fell from 2.9% to around 2.5%, its lowest since March 2021.

This decline has led Wall Street analysts to predict that the Federal Reserve might initiate the first interest rate cut next week.

Influence of Institutional Investors and Bitcoin Whales

The Bitcoin price was also significantly influenced by the growing demand from institutional investors, as indicated by the cash flow of spot Bitcoin ETFs.

For instance, Fidelity’s FBTC led the US spot Bitcoin ETFs in cash inflows on Monday and Tuesday, despite a tepid demand on Wednesday.

On-chain data indicates that Bitcoin whales have accelerated their accumulation pace, despite significant sell-offs from Bitcoin miners and short-term holders.

For example, a whale investor withdrew 800 Bitcoins, worth over $45 million, from Binance in the last 24 hours.

Despite Bitcoin’s price rebound above $58K, there is still fear of further cryptocurrency capitulation in September before a bullish rebound in the fourth quarter.

From a technical standpoint, the Bitcoin price could fall towards the support range between $51K and $54K in the near term before rebounding towards a new all-time high.

However, a consistent close below $51K could push Bitcoin towards the next major support level around $46K.

[coineagle]

Bitcoin Approaches $60K: Will Miners Begin to Liquidate?

Key Points

Bitcoin miners recently sold a large portion of their holdings as mining difficulty reached a record high.

Miner capitulation could increase if the market top slips, signaling a potential bearish run.

Bitcoin miners have reportedly sold a significant amount of their Bitcoin (BTC) holdings. This comes at a time when mining difficulty has reached an all-time high.

This development is critical. If miners do not show confidence in a potential rebound, it could indicate an impending bearish run.

Miners at a Crossroads

The mining community currently holds about 9% of Bitcoin’s total supply. Despite the record-high mining difficulty, the community is expanding its capacity.

In the past, miner capitulation, which occurs when Bitcoin miners exit due to low profits, often indicates local price bottoms during bull markets. The last time this happened was on July 5th, when BTC dropped to $56K after reaching the $71K mark. Miners exited due to squeezed profit margins, contributing to the price bottom.

However, an analyst noted that Bitcoin miners sold approximately 30K BTC after the price briefly exceeded $58K, likely to secure strong gains. This suggests that capitulation may now indicate both market tops and bottoms.

Declining Reserves Could Indicate a Market Top

As BTC nears $60K, Bitcoin miners are decreasing their reserves, possibly to lock in profits. This supports the idea that approaching a price top could trigger miner exits.

With mining difficulty at a record high, many miners might be cashing in on gains to cover their costs. This could create selling pressure as BTC approaches its next market top.

However, those who can withstand the volatility may continue to hold their Bitcoin, as suggested by the buy signal.

The real concern arises if BTC hits a market bottom and fails to maintain the $57K range. In this case, miner capitulation could intensify. Bitcoin miners might sell large quantities of BTC, not due to low profits but to avoid greater losses.

[metamoonshots]

Bitcoin’s hash fee represents the overall computational energy employed to mine and validate transactions on the community. Past merely representing the sheer computing prowess, the hash fee serves as a barometer for the community’s safety and vitality. A sturdy hash fee signifies not solely a excessive participation of miners but in addition underscores the community’s resilience in opposition to potential assaults. Monitoring this metric is essential, as fluctuations can supply insights into miner sentiment, potential community vulnerabilities, and the general well being and decentralization of the Bitcoin ecosystem. In essence, the hash fee is a multifaceted indicator, reflecting each the technical power and the collective confidence within the Bitcoin community. Bitcoin’s hash fee has been posting new all-time highs each week since December 2022, peaking at 501 EH/s on Sep. 15. As of Oct. 8, the hash fee stands at 418 EH/s. Graph displaying Bitcoin’s hash fee from October 2022 to October 2023 (Supply: Glassnode) Nevertheless, merely trying on the hash fee fails to offer extra context to market sentiment. To get a greater understanding of miner well being, we should analyze the convergence and divergence of the transferring averages of the hash fee. Monitoring this metric is essential, as fluctuations can supply insights into miner sentiment, potential community vulnerabilities, and the general well being and decentralization of the Bitcoin ecosystem. Hash ribbons are a multifaceted indicator, reflecting each the technical power and the collective confidence within the Bitcoin community. Since mid-August, the 30-day MA of Bitcoin’s hash fee has constantly outpaced the 60-day MA. Notably, the ribbons underwent compression in July and August, a phenomenon traditionally indicative of miner capitulation. Nevertheless, the divergence between these two transferring averages has been widening because the begin of October 2023, coinciding with Bitcoin’s ascent to $28,000. This divergence means that miners are bullish, ramping up their operations in anticipation of upper costs. Graph displaying Bitcoin’s hash ribbons from July to October 2023 (Supply: Glassnode) Mining problem, one other cornerstone metric, adjusts roughly each two weeks to make sure that blocks are added to the blockchain at a constant interval. The Problem Ribbon Compression metric supplies insights into miner promoting strain. Traditionally, excessive compression zones, marked by low values on this metric, have signaled profitable shopping for alternatives for Bitcoin. Conversely, spikes on this metric have usually been in tandem with Bitcoin’s worth surges. As of June 30, the issue ribbon compression was beneath the 0.05 threshold, and as of October 8, it stood at 0.032, suggesting potential upward worth momentum. Graph displaying Bitcoin’s mining problem compression from October 2018 to October 2023 (Supply: Glassnode) The rising hash fee underscores a strong and safe community, whereas the hash ribbons and problem ribbon compression trace at bullish miner sentiment and potential worth appreciation. The put up Mining metrics suggest bullish sentiment for Bitcoin appeared first on CryptoSlate.