Miners and Bitcoin Not Out of the Woods - yet! (Patreon)

Bitcoin's hash rate has fallen by 5% from its all-time high of 400 exahashes per second (EH/s). This is projected to lead to a difficulty adjustment of around 3.5%, making it easier for miners to find new blocks.

The decline in hash rate is likely due to a number of factors, including the recent decline in the price of bitcoin, which has made mining less profitable. It has also coincided with a decrease in miner balances, with F2Pool, one of the largest mining pools, seeing its BTC balance cut in half.

If the price of bitcoin continues to fall, we could see another wave of miner capitulation, as miners sell their bitcoin holdings in order to cover their costs. This could further weaken the network and make it more vulnerable to attack.