Bitcoin miners held 1,802,814 BTC as of July 5 at 2 PM, while the network's hashrate fell to a two-week low of 933,560,256 TH/s on the same date, according to data from CryptoQuant and Blockchain.com. The hashrate decline of approximately 65,651,082 TH/s week-over-week marked the lowest level since June 22, indicating reduced mining demand. These metrics are being closely monitored following the April 20, 2024 Bitcoin halving, which cut mining rewards in half and continues to influence miner behavior and network dynamics.
Bitcoin Miner Holdings Increase by 705 BTC Week-Over-Week
Bitcoin miner holdings reached 1,802,814 BTC (approximately 173.28 trillion won) as of July 5 at 2 PM, according to CryptoQuant charts. This represented an increase of 705 BTC (approximately 67.7 billion won) compared to seven days prior. The increase indicates that miners are accumulating mined Bitcoin rather than selling, lending, or using it as collateral.
Bitcoin Hashrate Falls to Two-Week Low at 933 Million TH/s
The Bitcoin hashrate 7-day moving average stood at 933,560,256 TH/s as of July 5 at 2 PM, according to Blockchain.com data. This marked a decrease of approximately 65,651,082 TH/s from the previous week. The decline represented the first time the hashrate had fallen to this level since June 22, approximately two weeks prior. Hashrate measures the total computational processing power deployed on the Bitcoin network for mining operations.
Bitcoin Puell Multiple Rises to 0.74 as of July 5
The Bitcoin Puell Multiple registered 0.74 as of July 5 at 2 PM on Visiometrics, increasing by 0.17 from seven days earlier. The Puell Multiple is calculated by dividing daily Bitcoin mining output by its 365-day moving average, serving as an indicator to assess market overheating or undervaluation relative to mining output and gauge trading timing. A reading above 4 typically indicates overheated mining activity, often preceding Bitcoin price declines. Conversely, a reading below 0.4 suggests significantly reduced miner profitability and Bitcoin undervaluation, typically leading to price increases.
FAQ
What caused Bitcoin's hashrate to drop to a two-week low on July 5?
The Bitcoin hashrate 7-day moving average fell to 933,560,256 TH/s as of July 5 at 2 PM, declining approximately 65,651,082 TH/s from the previous week. This marked the lowest level since June 22 and indicated reduced mining demand among miners.
How much Bitcoin are miners currently holding?
Bitcoin miners held 1,802,814 BTC as of July 5 at 2 PM according to CryptoQuant data, representing an increase of 705 BTC compared to seven days prior. This accumulation suggests miners are not selling, lending, or using their mined Bitcoin as collateral.
What does the Bitcoin Puell Multiple of 0.74 indicate?
The Bitcoin Puell Multiple reached 0.74 as of July 5 at 2 PM, increasing by 0.17 week-over-week. This metric, which divides daily mining output by its 365-day moving average, remains well below the overheating threshold of 4 and above the undervaluation threshold of 0.4, indicating neither extreme market condition is present.
