The Bitcoin (BTC) mining hash rate hit a new all-time high of 119 EH/s on the last day of 2019, equivalent to 119,000 PH/s and 119 million TH/s. At the beginning of the year the Bitcoin (BTC) mining hash rate was 42 EH/s, meaning the hash rate rose 183% in 2019.
It is curious that the Bitcoin (BTC) mining hash rate has continued to steadily rise despite the price of Bitcoin (BTC) dropping for most of the latter half of 2019. This trend may suggest that miners continue to increase the size of their operations in anticipation of a Bitcoin (BTC) rally in the short to medium term.
Indeed, the Hash Ribbons signal, which is an oscillator based on Bitcoin (BTC) miners which aims to determine when miners are selling off their coins, i.e., capitulating, has switched to a buy signal for only the 10th time in history. This means that miners are no longer capitulating, and are instead stashing coins in anticipation of a rally.
The past nine times that the Hash Ribbons signal switched to a buy, the price of Bitcoin (BTC) ultimately rose thousands of percent in the coming years.
Perhaps the Hash Ribbons signal is picking up on the block halving in May 2020, which is a force that will likely cause a Bitcoin (BTC) rally since it will drastically reduce selling pressure on the market.
Overall, the Bitcoin (BTC) mining industry is at an all-time high in terms of capacity, and combined with the Hash Ribbons buy signal this suggests that a Bitcoin (BTC) rally may be coming in 2020.