Mining

Hash Ribbons (30d/60d hashrate)

Compares the hashrate's recent trend (30 days) against its somewhat longer trend (60 days), to spot when weaker miners are capitulating or recovering.

Why it matters

Below 1.0 (and falling) marks miner capitulation — the weakest turning off equipment; crossing back above 1.0 has historically coincided with past-cycle bottoms. Created by Charles Edwards (Capriole Investments, 2019): his full "buy" signal combines that upward cross with a positive turn in price momentum, not the Hash Ribbon crossover alone — one more reason not to treat it as a standalone trigger.

Build it yourself

Two hashrate moving averages, one short and one long — their crossover is the whole signal.

Hash Ribbon = 30d average ÷ 60d average
Hash Ribbon

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. It starts from the daily estimated-hashrate series (see the indicator above).
  2. Its 30-day and 60-day moving averages are computed.
  3. Hash Ribbon = 30-day average ÷ 60-day average.
Lagging signal / confirmation. Plainly put: it's a LAGGING confirmation signal. By the time it fires, the capitulation it flags has usually already happened, and it has given false or late signals in some past cycles. Useful to confirm other signals, not as an early warning on its own.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

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