TechFlow news, on July 24, Matrixport released a chart indicating that although some miners have recently been forced to shut down equipment due to declining revenues, the overall hash rate is rebounding, suggesting that miner pressure may not be as severe as expected. Currently, daily miner revenue stands at $32 million, significantly down from $73 million around the halving date of April 20, 2024.
Bitcoin mining hash rate has historically served as a directional indicator for Bitcoin price movements. As seen one year ago, hash rate foreshadowed Bitcoin's decline in May 2024.
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