Krutika Adani
The Bitcoin hash rate has been in a net decline since the Bitcoin halving event, which was at 751 exa hashes per second (EH/s).
Since the halving, the hash rate has declined to 556 EH/s because the new Bitcoin blocks only allow half the reward.
Since Bitcoin’s price has not improved much, miners have less incentive to continue mining Bitcoin at reduced profits.
As Bitcoin’s price increases in the future, miners might return, increasing the hash rate.
Hash rate is critical for Bitcoin, as its security depends on it. A reduced hash rate means it requires less processing power to overtake Bitcoin’s blockchain.