📢 Crypto heads, we've got some news! 📉 Bitcoin miners are feeling the pinch a month after the 4th BTC halving. The network hash rate's drop hints at miner capitulation - less efficient miners bowing out due to shrinking profits.

📊 The 30-day moving average of the hash rate dipped from 630 to 606 EH/s, a small but significant shift. CryptoQuant's analysis points to the Hash Ribbons indicator, which often aligns with major BTC price drops.

💡 Remember, miner capitulation doesn't happen overnight. It's a gradual process as less efficient miners exit.

💸 The halving event slashed the block reward to 3.125 BTC, reducing daily mining output from 900 to around 450 BTC. Big names like Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf reported production drops of 6%-12% in April.

📉 Profitability, or 'hash price,' has also taken a hit, dropping over 73% from the $0.182 TH/s/day level seen around the halving.

🤔 What does this mean for Bitcoin's price? Let's chat in the comments! #Bitcoin #CryptoNews