Julio Moreno, the head of research at Crypto Quant, stated in a post on X platform that there are signs that ordinary Bitcoin miners are facing pressure after the halving, as their income has sharply decreased after the halving, and their current income is the lowest since the COVID collapse in March 2020. As a result, the hash rate has dropped, leading to the fourth negative difficulty adjustment of the year for the BTC network. In fact, we can indirectly see the decrease in hash rate through the -5.6% difficulty adjustment, which is the largest negative adjustment since November 2022 (one month after the FTX crash).