With all the current bearish sentiment and macroeconomic uncertainty swirling around both Bitcoin and the broader global economy, it might come as a surprise to see miners as bullish as ever. In this article, we’ll unpack the data that suggests Bitcoin miners are not just staying the course, they’re accelerating, doubling down at a time when many are pulling back. What exactly do they know that the broader market might be missing?

For a more in-depth look into this topic, check out a recent YouTube video here:
Why Bitcoin Miners Are Doubling Down Right Now

Bitcoin Hash Rate Going Parabolic

Despite Bitcoin’s recent price underperformance, the Bitcoin Hashrate has been going absolutely vertical, breaking all-time highs with seemingly no regard for macro headwinds or sluggish price action. Typically, hash rate is tightly correlated with BTC price; when price drops sharply or remains stagnant, hash rate tends to plateau or decline due to economic pressure on miners.

Yet now, in the face of heightened global tariffs, economic slowdown, and a consolidating BTC price, hash rate is accelerating. Historically, this level of divergence between hash rate and price has been rare and often significant.

Bitcoin Miner Difficulty, a close cousin to hash rate, just saw one of its largest single adjustments upward in history. This metric, which auto-adjusts to keep Bitcoin’s block timing consistent, only increases when more computational power floods the network. A difficulty spike of this magnitude, especially when paired with poor price performance, is nearly unprecedented.

Again, this suggests that miners are investing heavily in infrastructure and resources, even when BTC price does not appear to support the decision in the short term.

Adding further intrigue, the Hash Ribbons Indicator, a blend of short and long-term hash rate moving averages, recently flashed a classic Bitcoin buy signal.

When the 30-day moving average (blue line) crosses back above the 60-day (purple line), it signals the end of miner capitulation and the beginning of renewed miner strength. Visually, the background of the chart shifts from red to white when this crossover occurs. This has often marked powerful inflection points for BTC price.

What’s striking this time around is how aggressively the 30-day moving average is surging away from the 60-day. This is not just a modest recovery, it’s a statement from miners that they are betting heavily on the future.

The Tariff Factor

So, what’s fueling this miner frenzy? One plausible explanation is that miners, especially U.S.-based ones, are trying to front-run the impact of looming tariffs. Bitmain, the dominant producer of mining equipment, is now in the crosshairs of trade policies that could see equipment prices surge by 30–50%, potentially to even over 100%!

Given that over 40% of Bitcoin’s hash rate is controlled by U.S.-based pools like Foundry USA, Mara Pool, and Luxor, any cost increase would drastically reduce profit margins. Miners may be aggressively scaling now while hardware is still (relatively) cheap and available.

Bitcoin Miners Keep Mining

Hashprice, the BTC-denominated revenue per terahash of computational power, is at historical lows. In other words, it’s never been less profitable in BTC terms to operate a Bitcoin miner on a per-terahash basis. Typically, we see hash price increase toward the tail-end of bear markets, as competition fades and weaker players exit the space.

But that’s not happening here. Despite terrible profitability, miners are not only staying online, they’re deploying more hash power. This could imply one of two things; either miners are racing against deteriorating margins to front-load BTC accumulation, or, more optimistically, they have strong conviction in Bitcoin’s future profitability and are buying the dip aggressively.

Bitcoin Miners Conclusion

So, what’s really happening? Either miners are desperately front-running hardware costs, or, more likely, they’re signaling one of the strongest collective votes of confidence in the future of Bitcoin we’ve seen in recent memory. We’ll continue tracking these metrics in future updates to see whether this miner conviction is proven right.

If you’re interested in more in-depth analysis and real-time data, consider checking out Bitcoin Magazine Pro for valuable insights into the Bitcoin market.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

Following a sharp multi-week selloff that dragged Bitcoin from above $100,000 to below $80,000, the recent price bounce has traders debating whether the Bitcoin bull market is truly back on track or if this is merely a bear market rally before the next macro leg higher.

Bitcoin’s Local Bottom or Bull Market Pause?

Bitcoin’s latest correction was deep enough to rattle confidence, but shallow enough to maintain macro trend structure. Price seems to have set a local bottom between $76K–$77K, and several reliable metrics are beginning to solidify the local lows and point towards further upside.

The Net Unrealized Profit and Loss (NUPL) is one of the most reliable sentiment gauges across Bitcoin cycles. As price fell, NUPL dropped into “Anxiety” territory, but following the rebound, NUPL has now reclaimed the “Belief” zone, a critical sentiment transition historically seen at macro higher lows.

The Value Days Destroyed (VDD) Multiple weighs BTC spending by both coin age and transaction size, and compares the data to a previous yearly average, giving insight into long term holder behavior. Current readings have reset to low levels, suggesting that large, aged coins are not being moved. This is a clear signal of conviction from smart money. Similar dynamics preceded major price rallies in both the 2016/17 and 2020/21 bull cycles.

Bitcoin Long-Term Holders Boost Bull Market

We’re also now seeing the Long Term Holder Supply beginning to climb. After profit-taking above $100K, long-term participants are now re-accumulating at lower levels. Historically, these phases of accumulation have set the foundation for supply squeezes and subsequent parabolic price action.

Bitcoin Hash Ribbons Signal Bull Market Cross

The Hash Ribbons Indicator has just completed a bullish crossover, where the short-term hash rate trend moves above the longer-term average. This signal has historically aligned with bottoms and trend reversals. Given that miner behavior tends to reflect profitability expectations, this cross suggests miners are now confident in higher prices ahead.

Bitcoin Bull Market Tied to Stocks

Despite bullish on-chain data, Bitcoin remains closely tied to macro liquidity trends and equity markets, particularly the S&P 500. As long as that correlation holds, BTC will be partially at the mercy of global monetary policy, risk sentiment, and liquidity flows. While rate cut expectations have helped risk assets bounce, any sharp reversal could cause renewed choppiness for Bitcoin.

Bitcoin Bull Market Outlook

From a data-driven perspective, Bitcoin looks increasingly well-positioned for a sustained continuation of its bull cycle. On-chain metrics paint a compelling picture of resilience for the Bitcoin bull market. The Net Unrealized Profit and Loss (NUPL) has shifted from “Anxiety” during the dip to the “Belief” zone after the rebound—a transition often seen at macro higher lows. Similarly, the Value Days Destroyed (VDD) Multiple has reset to levels signaling conviction among long-term holders, echoing patterns before Bitcoin’s rallies in 2016/17 and 2020/21. These metrics point to structural strength, bolstered by long-term holders aggressively accumulating supply below $80,000.

Further supporting this, the Hash Ribbons indicator’s recent bullish crossover reflects growing miner confidence in Bitcoin’s profitability, a reliable sign of trend reversals historically. This accumulation phase suggests the Bitcoin bull market may be gearing up for a supply squeeze, a dynamic that has fueled parabolic moves before. The data collectively highlights resilience, not weakness, as long-term holders seize the dip as an opportunity. Yet, this strength hinges on more than just on-chain signals—external factors will play a critical role in what comes next.

However, macro conditions still warrant caution, as the Bitcoin bull market doesn’t operate in isolation. Bull markets take time to build momentum, often needing steady accumulation and favorable conditions to ignite the next leg higher. While the local bottom between $76K–$77K seems to hold, the path forward won’t likely feature vertical candles of peak euphoria yet. Bitcoin’s tie to the S&P 500 and global liquidity trends means volatility could emerge from shifts in monetary policy or risk sentiment.

For example, while rate cut expectations have lifted risk assets, an abrupt reversal—perhaps from inflation spikes or geopolitical shocks—could test Bitcoin’s stability. Thus, even with on-chain data signaling a robust setup, the next phase of the Bitcoin bull market will likely unfold in measured steps. Traders anticipating a return to six-figure prices will need patience as the market builds its foundation.

If you’re interested in more in-depth analysis and real-time data, consider checking out Bitcoin Magazine Pro for valuable insights into the Bitcoin market.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.