Almost a month after Bitcoin’s fourth Bitcoin halving event, the first signs of reduced miner revenue are slowly emerging, with one clear indicator being a drop in the network’s hash rate.
The recent drop in this metric could indicate miner capitulation, where less efficient miners exit due to falling profitability.
Hash Ribbon Shows Signs of Capitulation
Earlier, the 30-day moving average of hash rate peaked at 630 exahashes per second (EH/s), but has now dropped to 606 EH/s. Although the drop was relatively small and short-lived, it is noteworthy because hash rate usually rises, indicating a shift in patterns.