Bitcoin (BTC) Hash Rate Slides to Three-Week Low at 1.027 ZH/s

Network Compute Cools for the Week

Bitcoin (BTC) price headlines tend to set the weekly agenda, but this time the network itself supplied the sharper datapoint. The 7-day moving average of hash rate printed 1,027,388,204 TH/s, roughly 1.027 zettahash per second, in the November 7 reading. Data compiled across November 1 through 7 shows the average dropped about 25.73 EH/s over the week, a decline of roughly 2.4% and the lowest level since October 18. Three weeks had passed without the gauge touching this depth. Hash rate measures the total computational power miners commit to the network's Proof of Work consensus, the process in which competing machines race to solve the calculations that seal each block. Because the average spans seven days, it strips out the randomness of block timing, which can swing a single day's output even when the underlying fleet is unchanged. The decline therefore reads as a genuine easing in deployed capacity rather than timing noise. Two qualifications apply. The figure is an estimate of network capacity, not a census of equipment, and a percentage drop cannot be converted into a count of rigs switched off; the network's estimated processing power and the operating status of specific facilities are separate measurements. In other words, the estimate points to less hardware aimed at the chain, but it cannot say which operators pulled back or by how many machines. The metric matters because it is the demand side of the network: every unit of hash rate is electricity and equipment bought specifically to earn new coins. Even with that caution, the direction is clear. Demand for crypto mining computation eased through the week, a reversal of the capacity buildup that followed the April 2024 Bitcoin Halving, the protocol event that cuts block rewards roughly in half about every four years.

Miner Balances Rise, Puell Slips to 0.93

Miner balances moved the opposite way. Coins parked in miner-linked wallets totaled 1,202,061 Bitcoin (BTC) in the November 7 reading, an increase of 8,087 BTC from seven days earlier. The balance counts what remains in addresses associated with mining operators, so its rise means a growing share of fresh issuance is being kept rather than sold, lent out, or pledged as collateral. Holding behavior matters for supply: coins that stay in miner wallets never reach the market on a given day. For anyone tracking Bitcoin mining trends, the striking part is the contrast with the compute curve, since operators are accumulating inventory while their deployed hardware shrinks. The two gauges measure different objects, and the gap deserves emphasis. Hash rate counts computation aimed at winning blocks; balances count accumulated coin, and a rising balance cannot be read as proof that every operator stopped selling, any more than a softer hash rate proves facilities went dark. What the pair does establish is the shape of this week's market: less demand for compute, more unspent inventory in the hands of the producers. The valuation overlay points the same way. The Puell Multiple, which divides the dollar value of one day's newly issued Bitcoin (BTC) by its 365-day average, fell from roughly 1.03 a week earlier to 0.93. A reading of 0.93 means the daily issuance value now runs below the annual norm. The framework's thresholds bracket the extremes: above 4, issuance is considered overheated relative to market value, a zone historically followed by price pressure; below 0.4, miner revenue has collapsed so far against the yearly average that the market has tended to treat the coin as undervalued. At 0.93, the metric sits in the neutral band between the two, though its 0.10 weekly slide is the direction worth noting.

COINOTAG's reading is that the combination describes a mining sector protecting margins rather than exiting. Operators still online appear to be capturing a steadier slice of each day's issuance and keeping it, a hodl bias at the supply edge instead of distribution into the market. The economics fit the filing season: IREN's mining revenue fell 58% to $28 million in Q1 FY27, and TeraWulf reported a 69% decline in its Q3 2026 filing, while sentiment gauges have stayed weak, with the Bitcoin fear index at 25, its lowest since August 5. With the Puell Multiple at 0.93 and hash rate at a three-week low, next week's data will show whether rising balances keep absorbing the revenue shortfall.