Definition. Hash Ribbons track the boom-and-bust cycle of the mining market by comparing two moving averages of network hash rate — the 30-day (purple) and the 60-day (blue). An inversion, where the 30-day falls below the 60-day, is shaded on the chart and marks periods of miner capitulation.

Technical. The ribbon and its inversion flag are built from mean hash rate, with price (grey) plotted on a separate log axis for context:

• 30D = sma(Hash Rate, 30) and 60D = sma(Hash Rate, 60)
• Hash Ribbon Inversion = 1 when 30D <= 60D, else 0, drawn as shaded columns
• The raw hash-rate series and the 30D / 60D - 1 spread are included on the workbench but hidden by default

Interpretation. During expansion, miners reinvest revenue into hardware and hash rate compounds, so the 30-day average rises faster than the 60-day and the ribbon stays uninverted. When miner income is stressed — typically after a sharp price drawdown, or after a difficulty increase that raises the cost of production — the least efficient rigs are switched off, hash rate rolls over, and the 30-day crosses below the 60-day. These inversions have historically clustered around bear-market lows, since forced miner selling tends to coincide with broader capitulation. The signal is coincident rather than leading: it confirms that capitulation is underway, and it is the recovery of the 30-day back above the 60-day that has marked the end of the stress phase.

Notes. Coined by Charles Edwards. Built from Hash Rate and Price; the workbench derives its own 30/60-day averages rather than using the native Hash Ribbon metric.