Hash Ribbons
Hash Ribbons compares 30-day and 60-day MAs of network hashrate. When miners collectively switch off hashpower, the short line drops below the long one โ the red phase marks miner capitulations. The recovery cross back up has historically been one of the most reliable buy signals, developed by Charles Edwards (Capriole) in 2019.
- Formula:
- MA(30, hashrate) vs MA(60, hashrate)
- Originator:
- Charles Edwards (Capriole, 2019)
- Data source:
- BRK (hash_rate ab 2009 โ 30d/60d-MA berechnet) + bgeometrics-Inkrement seit April 2022. Vollbackfill 2026-05-28.
Strategies to backtest
Thematically related strategies from our library โ try them in the backtest engine or read up on the methodology.
The classic trend-following signal โ when the 50-day SMA crosses above the 200-day SMA, the trend has flipped bullish.
Open strategy โTwo EMAs plus an ATR-based neutral zone โ like the commercial Larsson Line, but tunable, transparent, and backtested. Choose your bias.
Open strategy โMore Bitcoin indicators
Market cap รท thermo cap (everything ever paid to miners in USD). Market value per dollar of security spend โ measured cycle peaks at ~39ร (2011), ~59ร (2013), ~73ร (2017), ~49ร (2021).
Daily coin issuance in USD relative to its 365-day average. Values above 4 indicate miner-profit overheat (top), below 0.5 mark capitulation bottoms.
Estimated mining floor: average electricity cost + 30% operational overhead per BTC produced. Cambridge CBECI as data source.