Bitrabo Editorial
Recent on-chain data reveals a resurgence in the Bitcoin Mining Hashrate, indicating that miners are once again expanding their operations.
Bitcoin Mining Hashrate on the Rise
The Bitcoin Mining Hashrate signifies the total computing power that miners have connected to the Bitcoin network, measured in terahashes per second (TH/s).
An increase in the Hashrate indicates that current miners are scaling up their operations, while new miners are entering the network, showing a positive sentiment towards Bitcoin mining.
Conversely, a decrease in the Hashrate suggests that some miners are disconnecting from the blockchain, likely due to declining profitability.
The chart displaying the 7-day moving average of the Bitcoin Mining Hashrate illustrates a recent uptick after a dip from its peak of 667 million TH/s to around 610 million TH/s, possibly influenced by a bearish period for Bitcoin.
Miners predominantly earn from block subsidies, which are fixed in Bitcoin amount and issuance schedule, with the only variable being the USD price of Bitcoin.
Despite a recent price drop to under $50,000, Bitcoin has since recovered, albeit not reaching its previous high of $70,000, motivating a resurgence in the Hashrate towards 650 TH/s.
The Hash Ribbons, based on the 30-day and 60-day moving averages of the Hashrate, serve as a key indicator for monitoring miner sentiment and potential market bottoms.
The latest analysis from CryptoQuant indicates a reversal in the Hash Ribbons signal, moving from a capitulation phase back to a more bullish outlook.
Bitcoin Price Update
Currently, Bitcoin is trading around $58,800, showing a 4% decrease in the past week.