According to BlockBeats, James Check, the chief analyst at Glassnode, stated on June 21 that we are currently in a period of hash ribbon inversion, where block generation time is approximately 14 seconds slower than it should be. This indicates a lower online hashrate and slightly slower block generation speed.
A hash ribbon inversion occurs when the 30-day moving average of the hashrate is lower than the 60-day moving average, indicating mining difficulty. This could be due to a variety of reasons, including increased operational costs, a drop in Bitcoin prices, or issues with miners' equipment.
Check suggested that miners might be struggling at this point. They may not have fully entered the bear market level yet, mining 10 Bitcoins and then selling 10 Bitcoins. Miners must adapt and adjust, making fees their primary source of income, forcing further innovation in the industry, and applying effective capital management.