Glassnode Chief Analyst James Check said that Bitcoin miners may be struggling, but they may not have fully entered a bear market level. They mine 10 bitcoins and then sell 10 bitcoins. Miners must adapt and adjust fees to become their main source of income, forcing the industry to further innovate and apply effective capital management.
The current Bitcoin hash belt seems to be in a reversal period, and the generation time of blocks is about 14 seconds slower than normal time, indicating a lower online hash rate and slightly slower block generation speed. Currently, about 5% of mining hash rates are in trouble, which means that Bitcoin miners are "likely" to sell some assets, but this does not seem to be a "complete sell-off." (Cointelegraph)