Bitcoin Hash Rate Hits Nearly Three-Week Low as Miner Holdings Rise 8,087 BTC

Bitcoin (BTC)’s seven-day average hash rate hit a nearly three-week low of about 1.027 zettahashes per second (ZH/s) at midnight ET Saturday, Nov. 7 (5 a.m. UTC), while miner-linked balances rose over the week.

The reading was down about 25.73 exahashes per second (EH/s), or about 2.4%, from a week earlier. Balances attributed to miners grew by 8,087 BTC over the same stretch to roughly 1.2021 million BTC.

The Puell Multiple fell to 0.93 from about 1.03 a week earlier. It compares the daily dollar value of newly issued BTC with its average for the preceding year. A reading below 1 means the daily value was under that benchmark; 0.93 was below the measure’s 1.0 threshold.