Deniz 
A bitcoin analyst claims that although declining payouts and growing running expenses are affecting bitcoin miners, they are not at catastrophic proportions by any means.
“We are in a period of hash ribbon inversion, and blocks arrive roughly 14 seconds slower than they ought to. That indicates that there is less hashrate online; blocks are being discovered somewhat slower,” according to Glassnode lead analyst James Check, sometimes known as “Checkmatey,” in a June 21 X video.
Check said, “About 5% of mining hashrate is struggling at the moment,” referring to the volume of processing and computing capability being provided to the network via mining.
Check believes that “5% isn’t enormous” and that although it doesn’t seem to be a “complete and total firesale,” Bitcoin miners are most certainly dispersing part of their holdings.
When the 30-day moving average of the hashrate passes below the 60-day moving average, a hash ribbon inversion results, indicating a period of mining difficulties. Several factors could be responsible for this, including rising operational expenses, declining prices, or equipment problems among Bitcoin miners.
Bitcoin Halving and Mining Economics
After the Bitcoin halves on April 20, the Bitcoin hash rate began to drop as mining companies started shutting off unprofitably built mining facilities. The halving event happens every four years, therefore reducing the incentives for miners.
From 6.25 BTC, the April 20 halved mining returns dropped to 3.125 BTC.
Blockchain.com statistics show that the hashrate of the Bitcoin network at the time of publication was 586 exahashes per second (EH/s), down 2% over the past 30 days.
Check said that although miners might be treading water right now, at worst they could be breaking even as they dig fresh Bitcoins to pay running expenses.
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