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What Do Bitcoin Miners Expect Next?

Author: Content Editor
This article discusses the current trends in Bitcoin mining and how it can provide insights into the overall sentiment of the market. The Puell Multiple, which measures miner earnings against historical data, shows that miners are currently earning 80% of their previous year's average, indicating improvement from previous lows. Despite lower earnings, miners are not leaving the network and the hashrate continues to increase, suggesting more miners are entering or upgrading their equipment. However, the Hash Ribbons Indicator shows a potential bearish outlook in the short term if the 60-day average crosses above the 30-day average. The Hashprice, the amount miners earn per terahash of computational power, has been decreasing post-halving, but miners are still increasing their hashrate, indicating their belief in future price appreciation. The Hashprice Volatility is dropping, which historically precedes significant price movements for Bitcoin. Overall, miners remain bullish about the long-term potential of BTC, and current metrics suggest a potential significant price movement ahead.

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