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in conclusion daily dive on thursday, We covered the ticks ticker and what the bitcoin price means. Since that report, the hash rate has fallen further, and mass immigration from China appears to be the catalyst.
Since the beginning of May when the hash rate was at an all-time high, the hash rate on the Bitcoin network has fallen by around 29.6%.
With the hash rate declining, Bitcoin saw two successive difficulty adjustments, at -15.97% and -5.30% respectively, with another -16.1% coming in over the next week.
The drop in the hash rate has put enormous pressure on miners remaining on the network, who have seen their margins drop due to slower block times.
Since June 1, the Bitcoin balance in mining wallets has decreased by 5,741 BTC, confirmation that miners are facing increasing pressure.
It is also very likely that miners who are geographically located within China and who are relocating elsewhere will have to liquidate some of their bitcoins to cover the costs associated with getting out of the region.