“When the value of this metric rises up, it means miners are bringing more machines online right now. Such a trend shows miners are finding the blockchain attractive currently” :  I personally always find the blockchain attractive but I would say it is most charming when the Bitcoin mining hashrate is flashing those all time highs:

Bitcoin Mining Hashrate 30-day MA Is On Brink Of New ATH

However, in the last month the indicator’s value has swung back to observing some sharp upwards momentum, and has now neared the all-time high set a few months back.

If the metric continues this current trajectory, then it will make a new ATH. Miner sentiment shifting to being positive can lead to a bullish outcome for the price of Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $22.3k, up 13% in the last seven days. Over the past month, the crypto has lost 6% in value.

Full article here: https://bitcoinist.com/bitcoin-mining-hashrate-30-day-ma-brink-new-ath/