Although Bitcoin’s hashrate temporarily peaked before the halving, it seems that any miners are now getting priced out. With mining rewards dropping by half, many are struggling to keep a profit with Bitcoin still being under the $9,000 price point.
Bitcoin experienced a similar hash rate drop in March when the entire market fell some -50%. However, this most-recent drop is being dictated by more fundamental factors—primarily, the economics of mining.
Hash rate is often used to judge the health of a proof-of-work network. Some exchanges have even been rolling out futures markets based on the hashrate. Earlier this month, FTX Exchange became the first platform to trade hash rate futures.