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Bitcoin Hash Ribbon

The 30-day vs. 60-day network hashrate SMA comparison, computed live from mempool.space — free, no login required. Identifies historical miner capitulation and recovery episodes.

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30d vs. 60d hashrate SMA
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What is the Hash Ribbon?

The Hash Ribbon (Charles Edwards / Capriole Investments) compares a trailing 30-day SMA of Bitcoin's network hashrate against a trailing 60-day SMA. When the 30-day average falls meaningfully below the 60-day average, it is historically read as miners taking unprofitable machines offline — a capitulation phase.

Based on the data computed on this page, Liquid State has identified no episodes yet identified in the available data in Bitcoin's available hashrate history where the 30-day SMA dropped at least 3% below the 60-day SMA. Some analysts have historically read the 30-day SMA crossing back above the 60-day SMA, following such a stretch, as the point where miner selling pressure eased — a description of what has already happened, not a prediction of what will happen next.

Hashrate history from mempool.space (reused from the existing BTC Hashrate & Miner Revenue Tracker — no new data source). Informational only — not financial advice. Past on-chain patterns do not guarantee future price outcomes.

insufficient history

Miner capitulation episodes

No episodes identified yet in the available data.

Frequently asked questions

What is the Bitcoin Hash Ribbon indicator?
The Hash Ribbon compares a 30-day simple moving average (SMA) of Bitcoin’s network hashrate to a 60-day SMA. When the 30-day average drops meaningfully below the 60-day average, it is read as miners taking unprofitable machines offline — historically described as a capitulation phase. The methodology was introduced by Charles Edwards of Capriole Investments.
What does "miner capitulation" mean?
Miner capitulation describes a stretch where network hashrate is falling relative to its own recent trend — consistent with less-efficient miners shutting down machines that are no longer profitable at current prices and energy costs. It is a description of miner behavior, not a price prediction.
Is a Hash Ribbon "buy signal" reliable?
Some analysts have historically read the 30-day SMA crossing back above the 60-day SMA, after a capitulation stretch, as the point where miner selling pressure eased. This page reports what happened historically in each computed episode — it does not predict future price action, and past patterns do not guarantee future outcomes. Information only, not financial advice.
Where does the hashrate data come from?
This page reuses Liquid State’s existing free, keyless network-hashrate history from mempool.space (also used by the BTC Hashrate & Miner Revenue Tracker) — no new data source, no paid API.
What happened to BTC price during and after each episode?
Each resolved episode in the table below shows BTC’s own price move (from Binance’s public daily close history) from the start of the capitulation stretch to its recovery date, plus the move in the 30 and 90 days after recovery. These are only shown when a real recovery date and real price data both exist for that window — never estimated or extrapolated. This is a historical report, not a prediction of future price action.

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Hashrate data sourced from mempool.space (free, public), reused from Liquid State's existing BTC Hashrate & Miner Revenue Tracker. Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.