BTC Hash Ribbons: 905.81M
Miners' total computing power drawn as two smoothed lines — the average of the last 30 days and of the last 60 days. When the fast line drops below the slow one, machines are being switched off; when it climbs back above, that squeeze is easing.
Bitcoin's total mining computing power, smoothed two ways: a 30-day average and a 60-day average. Comparing the two strips out day-to-day luck and shows whether machines are being plugged in or unplugged.
The 30-day line below the 60-day line means the last month had less computing power than the two months before it — miners are unplugging machines, usually because the price no longer covers their electricity bill. The cross back above marks the point where that stopped. For example, if the 30-day line sits below the 60-day line for five weeks and then crosses back above, the weakest miners have finished shutting down.
The two lines have crossed 79 times since 2011, about five a year. This chart describes miner behaviour **only** — it **is not** a forecast and not advice.
In words: average the daily computing power over the last 30 days and over the last 60 days, draw both lines, and mark the day the 30-day average crosses back **above** the 60-day.
Averages smooth things out, so a cross shows up several days after the turn actually happened. The underlying computing-power figure is itself an estimate worked backwards from how fast blocks are found, not a direct measurement.
blockchain.com daily hashrate (stored in our own database, 2009 to today, refreshed hourly). Nothing is fetched from another site when you open this chart.
Our own calculation from blockchain.com daily hashrate, 2009 to today — nothing is fetched from another site when you open this chart