TechFlow reported on January 19, according to CoinDesk, that Bitcoin network hash rate has dropped approximately 15% from its October peak, falling from 1.1 ZH/s to 977 EH/s, indicating miners are shutting down equipment due to declining profit margins. Glassnode's Hash Ribbon metric shows increasing miner stress since November 29, with mining difficulty expected to decline another 4% on January 22—marking the seventh negative adjustment in the past eight cycles. Some mining companies, such as Riot Platforms, are shifting toward AI and high-performance computing, selling Bitcoin to fund new investments, thereby further increasing market sell-side pressure. Historical data indicates that periods of miner stress often act as contrarian indicators, typically preceding a rebound in Bitcoin's price.
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