Bitcoin Hash Rate Hits Three-Week Low Amid Miner Holdings Decline
Bitcoin's seven-day average hash rate has hit a three-week low at 915.8 million terahashes per second, according to recent data. This represents a decrease of approximately 34.86 million TH/s from the previous week.
The last time the hash rate was this low was on September 3. The current decline may be concerning for some investors and analysts who closely monitor the network's performance.
In addition to the drop in hash rate, miner holdings of Bitcoin also decreased during the period ending September 26. Specifically, they held approximately 1.1928 million BTC, down by 1,530 BTC from the previous week.
Despite this, the Bitcoin Puell Multiple rose to 1.13, an increase of 0.24 from the previous week. This indicator compares daily value of newly issued BTC with its 365-day moving average to measure miner revenue against historical levels.