Bitcoin mining activity has intensified following the April 20, 2024 halving event. As of May 2, 2024 at 2 PM, key mining metrics show mixed signals: while miner Bitcoin holdings declined, hashrate surged to its highest level in three weeks, according to data from CryptoQuant and Visiomaetrics.
Halving Context
The Bitcoin halving is a process in which mining rewards are reduced by approximately half every four years. Following the April 20, 2024 halving, interest in mining metrics has intensified.
Miner Bitcoin Holdings
Miner BTC holdings reached 1,803,177 Bitcoin (approximately 209.4552 trillion won) as of May 2, 2024 at 2 PM, according to CryptoQuant data. This represented a decrease of 86 Bitcoin (approximately 10 billion won) compared to the previous week.
The decline in this metric indicates that miners are selling, lending, or using their mined Bitcoin as collateral.
Bitcoin Hashrate
The Bitcoin hashrate 7-day moving average reached 1.065 billion TH/s (terahashes per second) as of May 2, 2024 at 2 PM. This represented an increase of approximately 61 million TH/s compared to the previous week—the largest increase since April 14, 2024, a span of approximately three weeks.
Hashrate is defined as the total computational power allocated to the Bitcoin network for mining purposes. An increase in this metric indicates growing mining demand among miners.
Bitcoin Fuel Multiple
The Bitcoin Fuel Multiple stood at 0.77 as of May 2, 2024 at 2 PM, according to Visiomaetrics data. This represented a decrease of 0.01 compared to the previous week.
The Bitcoin Fuel Multiple is calculated by dividing daily Bitcoin mining output by its 365-day moving average. It serves as a timing indicator for assessing market overheating and undervaluation relative to mining output.
When the Fuel Multiple exceeds 4, mining output is considered overheated, typically preceding Bitcoin price declines. Conversely, when the metric falls to 0.4 or below, miner profitability is considered significantly reduced, suggesting Bitcoin is undervalued—a condition historically preceding price increases.
Note: The above metrics are based on data from April 25 to May 2, 2024.
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