A month after the fourth Bitcoin halving, signs of decreased profitability for miners are emerging. The network's hash rate, a key indicator of mining activity, has declined, potentially signaling "miner capitulation." This occurs when less efficient miners quit due to reduced profitability, leading to a decrease in computational power and potentially impacting Bitcoin's price.

The 30-day moving average of the hash rate peaked at 630 exahashes per second (EH/s) but has now dropped to 606 EH/s. While the decrease is small, it's notable as the hash rate usually increases. CryptoQuant's analysis highlights the Hash Ribbons indicator, which suggests that such declines often precede significant price drops, providing a buying opportunity.

However, miner capitulation is a gradual process, occurring over days and weeks as less efficient miners exit the market. The halving event on April 20 reduced the block reward, leading to a 6-12% production drop for major Bitcoin miners like Bitfarms, Cipher, and Core Scientific.

Profitability, or 'hash price,' has also decreased by over 73% to $0.049 per terahash per second per day, according to HashRateIndex. This scenario may spell trouble for Bitcoin's price as sell-off concerns loom amidst increasing pressure on miners.