According to TechFlow, on July 24, Matrixport released today's chart, saying that although some miners have been forced to shut down their equipment due to declining revenue recently, the overall hash rate is recovering, indicating that the pressure on miners may not be as severe as expected. Currently, miners' daily income is $32 million, a significant drop from $73 million around the halving on April 20, 2024.
The Bitcoin mining hash rate has historically been a directional indicator for Bitcoin’s price to rise, and as was the case a year ago, the hash rate predicted a Bitcoin decline in May 2024.
