According to Cointelegraph, Glassnode chief analyst James Check said in the X video on June 21: "We are in a period of hash belt reversal, and the generation time of blocks is about 14 seconds slower than it should be. This shows 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 can be due to a number of reasons, including increased operating costs, a drop in the price of Bitcoin, or equipment issues with miners.
“Miners may be struggling here, they may not have quite hit bear market levels yet, they mine 10 bitcoins and then sell 10 bitcoins,” James said. “Miners have to adapt and adjust to fees being their primary source of income, forcing the industry to innovate further and apply effective capital management.”
