On January 22, Coindesk analyst James Van Straten said that the Glassnode data shows that the hashprice indicator reached 62 PH/s, which is a bullish signal in history. It is reported that the hashprice is a measure of mining profitability created by Luxor. Mining revenue was below the 365-day moving average (SMA) for most of 2024. It did not return to this moving average until the 11th of the month. Andre Dragosch, head of European research, also said that miners are in a healthier position than last year. It has monitored a recent decline in the hash rate of the Bitcoin network since its all-time high in early January. At the same time, the price of Bitcoin has risen, and overall trading volume has picked up again. This has led to a recovery in the hash price, which should technically incentivize miners to continue to increase the hash rate. Overall, looking at the continued increase in bitcoin miners' holdings since the beginning of the year, bitcoin miners appear to be well capitalized, meaning that miners are selling fewer bitcoins per day than they are mining.