Hash Ribbon Signals ‘Miner Capitulation’

The post Hash Ribbon Signals ‘Miner Capitulation’ appeared first on Coinpedia Fintech News

After Bitcoin halved, the effect of declining revenues for miners is visible as the hash rate has recently dropped. The 30-day moving average which peaked at 630 exahashes per second now stands at 606 exahashes per second. The rapid declines in hash rate often indicate ‘miner capitulation’ meaning less efficient miners are withdrawing resulting in less computational power available for mining. Hash Ribbons operate under the assumption that these circumstances often coincide with significant price lows for BTC, not immediately after their capitulation signal but in the subsequent days and weeks.