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Monday Mining Metrics: BTC Breaks $63,000!
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Free institutional-grade market intelligence from Blockware Solutions, written by Head Analyst Mitch Askew (@MitchellHODL) and Macro Analyst Blake Davis (@BlakeDavis50).
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Monday Mining Metrics: BTC Breaks $63,000!

Bitcoin Mining Update - 7/15/2024

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Blockware Intelligence
Jul 15, 2024
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Monday Mining Metrics: BTC Breaks $63,000!
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Bitcoin is Pumping - We are so back

Bitcoin surged more than 10% over the weekend; it’s back above $63,000 at the time of writing. If you recall Friday’s newsletter, we denoted many indicators that BTC was likely forming a local bottom. It appears we were correct.

This price action has, of course, provided some reprieve for Bitcoin miners. After flirting with new lows, hashprice is now back above $0.05/Th/Day; a key level both in terms of psychology/sentiment, as well as the profitability of popular ASIC models.

For example, an S19j Pro mining with an electricity rate of $0.06/kWh becomes profitable when hashprice hits $0.052, which is now within a rounding error.

With the BTC price rising off the lows, we’re seeing a corresponding rebound in mining difficulty. The next adjustment is projected to be an increase of nearly 4%. The miner capitulation that we’ve been following appears to be over.

We’ve been using the ‘hash ribbons’ metric to track this miner capitulation. Miner capitulations are good for marking local BTC bottoms as unprofitable miners turning off machines results in less sell pressure on BTC. The 30D moving average of hashrate is now rising, and this chapter of the hash ribbon will likely soon be closed.

Did you buy the dip?

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  • Co-Founder/CEO, Mason Jappa

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All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.


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Free institutional-grade market intelligence from Blockware Solutions, written by Head Analyst Mitch Askew (@MitchellHODL) and Macro Analyst Blake Davis (@BlakeDavis50).
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Blockware Intelligence Newsletter: Week 15
Bitcoin on-chain analysis & equity-analysis; overview of 11/13/21-11/19/21
Nov 19, 2021 â€¢ 
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Blockware Intelligence Newsletter: Week 15
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Blockware Intelligence Newsletter: Week 18
Bitcoin on-chain analysis, mining analysis, equity-analysis; overview of 12/03/21-12/10/21
Dec 10, 2021 â€¢ 
Blockware Intelligence
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Blockware Intelligence Newsletter: Week 18
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Blockware Intelligence Newsletter: Week 19
Bitcoin on-chain analysis, mining analysis, equity-analysis; overview of 12/10/21-12/17/21
Dec 17, 2021 â€¢ 
Blockware Intelligence
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