Hash Ribbons is a popular Bitcoin market-cycle indicator built around a simple idea: miners under stress often coincide with late-cycle conditions, and hash rate recovery can mark improving network health. It is not a crystal ball—just one lens.
Miners are the Bitcoin network’s “production layer.” When mining becomes unprofitable (price down, costs up, or difficulty high), weaker operators may shut down machines. That can show up as a slowdown or decline in hash rate growth—sometimes described as miner capitulation.
Most implementations track two moving averages of hash rate (commonly a fast and slow MA). A period of stress is often inferred when the fast MA is below the slow MA, and “recovery” when the fast MA crosses back above.
Used responsibly, Hash Ribbons is a network-health lens. Misused, it becomes a one-indicator trading system. The market can move for many reasons unrelated to miners (liquidity, regulation, macro, leverage unwind).
This site is for research/education only and is not financial advice.