Analysis: Bitcoin miners have not engaged in a "complete sell-off", they may currently be in a break-even period

James Check, Chief Analyst at Glassnode, stated that we are currently in a period of hash ribbon reversal. The block generation time is about 14 seconds slower than normal, indicating a lower online hash rate and slightly slower block generation speed. Currently, approximately 5% of the mining hash rate is in trouble. This suggests that Bitcoin miners are "very likely" to sell some assets, but it doesn't seem like a "complete sell-off".

James Check added that miners might be struggling hard; they may not have fully entered bear market levels yet and could just be grappling with difficulties. They mine 10 Bitcoins and then sell those same 10 Bitcoins. Miners must adapt and adjust their costs to become their primary source of income, forcing the industry to further innovate and apply effective capital management.