Bitcoin's network hashrate reached a two-week high on June 20, according to weekly mining metrics published by Digital Asset. The 7-day moving average hashrate stood at 926,369,948 TH/s as of June 20 at 2 PM, marking an increase of approximately 40,235,316 TH/s from seven days prior — the first increase of this magnitude since June 3. The uptick signals increased mining demand following the April 20, 2024 halving event, which reduced block rewards by half and continues to shape miner behavior and network participation.
Bitcoin Hashrate Climbs to 926.37 Million TH/s on June 20
The Bitcoin network's 7-day moving average hashrate reached 926,369,948 TH/s as of June 20 at 2 PM, according to data from Blockchain.com. This represents an increase of approximately 40,235,316 TH/s compared to the measurement taken seven days earlier. The metric had not recorded an increase of this scale since June 3, marking a two-week interval.
Hashrate measures the total computational power deployed across the Bitcoin network for mining operations. An increase in this metric indicates heightened miner participation and network security.
Miner Bitcoin Holdings Decline by 4 BTC Over Seven Days
Bitcoin miner holdings stood at 1,802,011 BTC (approximately 175.6 trillion KRW) as of June 20 at 2 PM, per CryptoQuant data. This figure represents a decrease of 4 BTC (approximately 400 million KRW) from the level recorded seven days prior.
A decline in miner holdings typically indicates that miners are selling, lending, or using their mined Bitcoin as collateral. The metric tracks the cumulative BTC balance held in wallets associated with mining operations.
Puell Multiple Rises to 0.74 as of June 20
The Bitcoin Puell Multiple registered 0.74 as of June 20 at 2 PM, according to Viziometrics. This represents an increase of 0.15 compared to the reading from seven days earlier.
The Puell Multiple is calculated by dividing daily Bitcoin mining output by its 365-day moving average. The indicator assesses whether mining revenue is overheated or undervalued relative to historical norms. Values above 4 suggest overheated conditions, while readings below 0.4 indicate miner profitability has declined significantly — often interpreted as Bitcoin being undervalued.
The metrics presented cover data from June 13 through June 20.
FAQ
What caused Bitcoin's hashrate to reach a two-week high on June 20?
Bitcoin's 7-day moving average hashrate increased by approximately 40,235,316 TH/s to reach 926,369,948 TH/s as of June 20 at 2 PM, marking the first increase of this scale since June 3. The rise indicates increased miner participation and computational power deployed on the network.
How much did Bitcoin miner holdings change between June 13 and June 20?
Miner Bitcoin holdings decreased by 4 BTC over the seven-day period, falling to 1,802,011 BTC (approximately 175.6 trillion KRW) as of June 20 at 2 PM. The decline suggests miners sold, lent, or used their Bitcoin as collateral during this timeframe.
What does a Puell Multiple of 0.74 indicate for Bitcoin mining conditions?
The Puell Multiple stood at 0.74 as of June 20 at 2 PM, an increase of 0.15 from seven days prior. This reading falls between the overheated threshold (above 4) and the undervalued threshold (below 0.4), indicating mining revenue remains within historical norms relative to the 365-day average.
