Hash Ribbons Signal End of Bitcoin Miner Capitulation: CryptoQuant

The Bitcoin mining industry is showing signs of recovery, with the Hash Ribbons indicator suggesting the end of miner capitulation, according to data from CryptoQuant. The Hash Ribbons, which use 30-day and 60-day moving averages to assess mining difficulty and financial strain, indicated a potential turnaround as the 30-day average crossed above the 60-day average. This crossover often aligns with price bottoms, offering investors a strategic opportunity to enter the market by buying the dip. according to Cointelegraph.

On August 1, Bitcoin mining difficulty hit an all-time high of 90.66 trillion, reflecting the immense computational power required to mine Bitcoin. Although the difficulty has since decreased slightly to 86.8 trillion, it remains significantly higher than historic levels, continuing to squeeze miner profit margins. The miner hashprice, which measures profitability, plummeted to record lows below $36 per petahash per second (PH/s) but has since recovered to around $40 PH/s—still near historic lows.