Analyst: Bitcoin hash price indicator rebounds, historically a bullish signal

ChainCatcher news, Coindesk analyst James Van Straten stated that Glassnode data shows the hash price indicator has reached 62 PH/s, which is historically a bullish signal.

It is reported that the hash price is a metric created by Luxor to measure mining profitability. For most of 2024, mining revenue has been below the 365-day moving average (SMA). It is not until November that it returns to this moving average.

Bitwise's Head of Research in Europe, Andre Dragosch, also mentioned that miners are in a healthier state compared to last year. He noted that the Bitcoin network hash rate has decreased since its historical peak in early January. Meanwhile, Bitcoin's price has risen, and overall trading volume has rebounded. This has led to a recovery in the hash price, which technically should encourage miners to continue increasing their hash rate. Overall, considering the continuous increase in Bitcoin miners' holdings since the beginning of this year, it seems that Bitcoin miners have sufficient capital, meaning that the amount of Bitcoin miners sell daily is less than the amount they mine.