Bitcoins hashrate uptrend shattered after 18 months Is there a wave of capitulation among BTC miners

Bitcoin’s hashrate has recently taken a hit after an 18-month streak of growth, hinting at a possible Bitcoin miner surrender.
After steadily increasing for 18 months, Bitcoin’s actual hashrate has dropped to approximately 600 exahashes per second (EH/s). The hashrate is a measure of the difficulty miners face when mining Bitcoin (BTC).
This decline from the upward trend could indicate that some Bitcoin mining companies are offloading their BTC holdings, as per observations made by Ki Young Ju, the CEO and founder of CryptoQuant. In a post made on June 13, he stated that despite the drop in Bitcoin’s hashrate, there hasn’t been a significant sell-off of Bitcoin by mining firms.
Although Bitcoin’s price has decreased from over $71,100 on June 5 to the current $66,800, daily flows of Bitcoin from miners to exchanges have been steadily decreasing, suggesting that the price drop is not a result of miner capitulation.
The drop in Bitcoin’s actual hashrate could also be linked to mining firms shutting down older ASIC chip mining rigs, which have become unprofitable following the fourth Bitcoin halving. The total hashrate of Bitcoin fell to 586,377 TH/s on June 12.
A report by CoinShares from April 19 predicted this temporary reduction, forecasting a surge in hash rate by 2025. The report attributed this temporary decrease to increased mining costs due to the halving and rising electricity costs.
The profitability of mining operations depends largely on the electricity costs incurred by the companies. Older ASIC models like the S19 XP and M50S++ operate at a loss with electricity costs exceeding $0.0 per kilowatt-hour, according to a post by Hashrate Index on May 2.