Bitcoin On-Chain Metrics

Estimated computational power securing the network, inferred from difficulty and how many blocks were actually found each day. Smoothed over 7 days — daily values are dominated by the luck of block timing.

The mining target the network enforces, read directly from block headers. Retargets every 2016 blocks (~2 weeks), so it steps rather than curves and lags hash rate changes by up to one epoch.

Daily miner revenue divided by its 365-day moving average. Low values indicate miner stress and historically signal good buying opportunities.

Total value of new BTC minted as block rewards each day, in USD.

Multiple moving averages of mining difficulty (9d-200d). When ribbons compress, weak miners are capitulating — historically a buy signal.

Normalized spread of difficulty ribbon SMAs. Low values indicate miner capitulation and ribbon compression.