⛏ $BTC #CryptoQuant : Signs that the average bitcoin miner is under pressure after the halving:

◾️ As revenue has declined sharply after the halving, Miners are currently underpaid by the most since March 2020, the COVID crash.

◾️ As a result, hashrate has declined and the network experienced today its fourth negative difficulty adjustment of the year.

◾️ Indeed, we can see the lower hashrate indirectly with the -5.6% difficulty adjustment, the largest negative adjustment since November 2022, a month after the FTX collapse.