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Recently, I noticed that Bitcoin's hash rate has dropped significantly from its previous high, about 15%. During this period, miners have been selling off, and it has been nearly two months now.
It seems that miners are responding to the pressure of adjusting their hash rate. The profitability of mining machines has been squeezed, and many have chosen to sell. This ongoing miner selling is quite evident in on-chain data, with frequent large transfers.
Since reaching the peak last October, the overall industry’s hash rate adjustment has been quite noticeable. This will have an impact on the subsequent mining ecosystem, as the cost of mining machines remains fixed. If the hash rate continues to adjust, we may see more miner activity.