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BTC Hash Ribbons

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30-day and 60-day moving averages of the hash rate — a miner-capitulation regime indicator.

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What this chart shows
Methodology

Compute SMA(30) and SMA(60) of the raw hash rate. When SMA(30) crosses below SMA(60), miners are capitulating; when SMA(30) crosses back above SMA(60), the network is recovering. Published by Charles Edwards (Capriole).