Bitcoin miners reduced their holdings while network hash rate and the Puell Multiple indicator both increased during the week ending July 18, according to data from CryptoQuant, Blockchain.com, and Visiometrics. As of July 18 2pm, miner-held Bitcoin totaled 1,193,589 BTC, down 242 BTC from seven days earlier, while the hash rate 7-day moving average reached 882,948,529 TH/s and the Puell Multiple climbed to 0.84 - its highest level since May 28. The metrics reflect ongoing adjustments in miner behavior following the April 20 Bitcoin halving, which reduced block rewards by half.
Miner Bitcoin Holdings Decline 242 BTC
Miner Bitcoin holdings stood at 1,193,589 BTC (approximately 113.66 trillion won) as of July 18 2pm, according to crypto analytics firm CryptoQuant. This represents a decrease of 242 BTC (approximately 23.1 billion won) compared to seven days prior. The decline indicates miners are using mined Bitcoin for selling, lending, or collateral purposes.
Hash Rate 7-Day Average Rises to 882.9 Million TH/s
The Bitcoin hash rate 7-day moving average reached 882,948,529 TH/s (terahashes per second) as of July 18 2pm, according to Blockchain.com data. This marks an increase of approximately 2,625,924 TH/s from the previous week. The rising hash rate signals increased mining demand among network participants. Hash rate represents the total computational processing power deployed across the Bitcoin network for mining operations.
Puell Multiple Reaches Two-Month High at 0.84
The Bitcoin Puell Multiple registered 0.84 as of July 18 2pm on bitcoin information site Visiometrics, up 0.14 from seven days earlier. This marks the first time the indicator has increased to this level since May 28, approximately two months prior. The Puell Multiple divides daily Bitcoin mining output by its 365-day moving average to assess market overheating or undervaluation relative to mining activity. Readings above 4 typically indicate overheated mining conditions, which historically precede Bitcoin price declines. Conversely, readings below 0.4 suggest significantly reduced miner profitability and Bitcoin undervaluation, conditions that typically lead to price increases.
FAQ
What did Bitcoin miner holdings do during the week ending July 18?
Miner-held Bitcoin decreased by 242 BTC to 1,193,589 BTC as of July 18 2pm, according to CryptoQuant data. The decline indicates miners used their Bitcoin for selling, lending, or collateral purposes.
Why did the Bitcoin Puell Multiple reach a two-month high?
The Puell Multiple rose to 0.84 as of July 18 2pm, its highest level since May 28, reflecting changes in daily mining output relative to the 365-day moving average. The indicator increased by 0.14 from the previous week.
How does the Bitcoin halving affect mining metrics?
The April 20 halving reduced Bitcoin block rewards by half, prompting ongoing adjustments in miner behavior. Metrics including hash rate, miner holdings, and the Puell Multiple reflect these post-halving adaptations in mining economics.
