Title: Hash Ribbons analyze Bitcoin's hash rate moving averages, based on mining activity and network health.
Explanation: Hash Ribbons are the 30-day and 60-day moving averages of the total network's estimated hash rate. They indicate whether the short-term trend of the hash rate is up or down. Normally, the hash rate increases over time, with the faster 30-day moving average above the slower 60-day moving average. When the faster one crosses below the slower one, it indicates a difficult time for miners, usually occurring after halvings when their revenue is suddenly cut in half. When the faster moving average crosses above the slower one again, it indicates a rebound of the hash rate, which is normally correlated with a positive move in the price of Bitcoin.
Shown in the chart: Bitcoin price, 30-day and 60-day moving averages of the total hash rate, and periods where the faster moving average is below the slower one, highlighted in pink.
Source: Hash Ribbons were created by Charles Edwards (
@caprioleio on twitter) and first introduced in
this article.
Usage: To zoom in, click and drag the mouse. To pan, hold "shift" while dragging the mouse. To reset the zoom, double-click. You can also use the buttons below the chart to hide or show the Bitcoin price, change the scale between logarithmic and linear, and hide or show the halving bars.