According to BlockBeats, Glassnode chief analyst James Check said in a June 21 X video that we are in a period of hash belt reversal, and the generation time of blocks is about 14 seconds slower than it should be, which indicates that the online hash rate is low and the generation speed of blocks is slightly slower.
A hash ribbon reversal occurs when the 30-day moving average of the hash rate falls below the 60-day moving average, which indicates mining difficulty. This could be due to increased operating costs, a drop in the price of Bitcoin, or equipment issues with miners.
James said miners may be struggling here, they may not have fully entered the bear market level, they mine 10 bitcoins and then sell 10 bitcoins. Miners must adapt and adjust to fees becoming their main source of income, forcing the industry to innovate further and apply effective capital management.