Bitcoin (BTC) Hash Ribbon Recovery Holds as AI Shift Complicates Signal

Bitcoin (BTC) kept a Hash Ribbon recovery signal into late October as its 30-day average hash rate neared 1.1 zettahashes per second, while miners’ shift toward AI complicates the reading. The recovery began Aug. 26. The 30-day average was about 13% above July. Bitcoin was higher one year after six of seven prior Hash Ribbon recoveries. A separate seven-day hash-rate reading reached its highest level since May 29 on Oct. 17. Bitcoin miners have also redirected power, capital and facilities toward AI data centers as costs rise. A higher hash rate alone does not establish that mining economics have improved.