### Difficulty Ribbon (Valuation)

The Difficulty Ribbon is a series of moving averages applied to mining difficulty and is used to identify areas of miner stress (ribbon compression) and hash-rate expansion (ribbon expansion). In this metric, the difficulty ribbon is actually applied to a log-log regression of Difficulty to Market Cap which returns an extremely high correlation factor of R2=95%. The Difficulty price estimates an all-in-cost of mining and is considered a 'fair value pricing model'. The difficulty Multiple oscillator is constructed from the ratio between Price and Difficulty-Price, with probabilities of extreme oscillator values occuring shown alongside associated price bands. [original difficulty ribbon by @woonomic and difficulty regression by @hansthered, both are modified by _checkonchain]