submitted by /u/TradingBull_DA
According to Bitcoin.com, BTC Hrate is down by about 40% compared to its historical high at the beginning of the month (125,5 EH/s the 05/03), reaching today 75,7 EH/s and bringing the network 7 months back (similar levels measured in September 2019).
Are miners losing confidence in bitcoin as its price suddenly dropped 50% last week? Or is the correction naturally driven by an adjustment to profitability?
Second option would reinforce the credibility of the controversial stock-to-flow model predicting an upcoming bullish rally for BTC after the halving (46 days from now) as seen in the end of 2017.