Glassnode: BTCMiner is recovering from the prolonged 'Capitulation' phase

Odaily Planet Daily News Glassnode’s BTC hash ribbons indicator (which compares two iterations of BTC Computing Power) is recovering from several months of “Capitulation” phase. This period occurs when Computing Power is relatively low in the recent period, and the hash ribbons show the 30-day moving average below the 60-day moving average. The final Capitulation phase ended in August 2023, and after a brief drop to $25,000, BTC/USD almost doubled by the end of the year. Data shows that last week, the Mining Computing Power of the BTC network reached its highest level since early June, exceeding 690 EH/s. (Cointelegraph)