According to Odaily, James Check, Chief Analyst at Glassnode, has stated that Bitcoin miners may be struggling, but they have not yet fully entered a bear market. He noted that miners are adapting and adjusting their costs to become their primary source of income, forcing the industry to innovate further and apply effective capital management. They mine 10 Bitcoins and then sell 10 Bitcoins.
The current Bitcoin hash ribbon appears to be in a reversal period, with block generation time being approximately 14 seconds slower than normal. This suggests a lower online hash rate and slightly slower block generation speed. At present, about 5% of the mining hash rate is in trouble, implying that Bitcoin miners are 'very likely' to sell some assets, but this does not seem to be a 'complete sell-off'.
Check's comments come at a time when the Bitcoin mining industry is facing significant challenges. However, his analysis suggests that while miners may be struggling, they are not yet in a full-blown bear market. This is an important distinction as it indicates that despite the current difficulties, there is still potential for recovery and growth within the industry.