Bitcoin Hashrate Falls to Month-Low as Mining Demand Decreases

Bitcoin's network hashrate fell to its lowest level in a month as of July 11 at 2 PM, according to data from blockchain analytics platforms. The 7-day moving average hashrate reached 880,322,604 TH/s, marking a decline of approximately 65,658,545 TH/s from the previous week - the first time the metric dropped to this level since June 12. The reduction in hashrate indicates decreased mining demand among miners, occurring in the context of the post-halving environment that began with Bitcoin's fourth halving event on April 20, 2024.

Miner Bitcoin Holdings Increase by 366 BTC

Bitcoin miner holdings stood at 1,193,831 BTC (approximately 114.3237 trillion won) as of July 11 at 2 PM, according to crypto analytics firm CryptoQuant. This represents an increase of 366 BTC (approximately 350 billion won) compared to seven days prior. The increase in this metric indicates that miners are accumulating mined Bitcoin rather than selling, lending, or using it as collateral.

Bitcoin Hashrate Drops to Month-Low at 880 Million TH/s

The Bitcoin hashrate 7-day moving average measured 880,322,604 TH/s as of July 11 at 2 PM, according to Blockchain.com data. This marks a decrease of approximately 65,658,545 TH/s from the previous week. The metric has not fallen to this level since June 12. Hashrate represents the total computational processing power deployed to the network for mining Bitcoin.

Bitcoin Puell Multiple Declines to 0.69

The Bitcoin Puell Multiple registered 0.69 as of July 11 at 2 PM on bitcoin information site Visiometrics. This represents a decline of 0.05 from seven days earlier. The Puell Multiple is calculated by dividing daily Bitcoin mining output by the 365-day moving average, serving as an indicator to assess market overheating or undervaluation relative to mining output and gauge trading timing. Values above 4 typically indicate overheated mining output, which generally leads to Bitcoin price declines. Conversely, values below 0.4 suggest significantly reduced miner profitability and Bitcoin undervaluation, which tends to lead to price increases.

FAQ

What happened to Bitcoin's hashrate on July 11?

Bitcoin's 7-day moving average hashrate fell to 880,322,604 TH/s as of July 11 at 2 PM, declining approximately 65,658,545 TH/s from the previous week - the lowest level since June 12.

How much Bitcoin do miners currently hold?

As of July 11 at 2 PM, Bitcoin miners held 1,193,831 BTC (approximately 114.3237 trillion won), an increase of 366 BTC from seven days prior according to CryptoQuant data.

What does the Bitcoin Puell Multiple indicate at 0.69?

The Puell Multiple at 0.69 as of July 11 at 2 PM falls between the overheated threshold of 4 and the undervalued threshold of 0.4, calculated by dividing daily mining output by the 365-day moving average to assess market conditions relative to mining activity.