TechFlow news, according to Cointelegraph, Glassnode's chief analyst James Check said in an X video on June 21: "We are currently in a hash ribbon reversal period, with blocks being generated about 14 seconds slower than they should be. This indicates a lower online hash rate and slightly slower block production."
A hash ribbon reversal occurs when the 30-day moving average of the hash rate falls below the 60-day moving average, signaling mining difficulties. This could be caused by various factors, including rising operational costs, a decline in Bitcoin's price, or equipment issues among miners.
"Miners might be struggling here," James said. "They may not have fully reached bear market levels yet—they mine 10 bitcoins and then sell 10 bitcoins. Miners must adapt and shift toward making fees their primary revenue source, forcing the industry to innovate further and apply effective capital management."
