Summary:
- Bitcoin's hash rate, which measures the computing power used to secure the network, has dropped below 1 zettahash per second (ZH/s) for the first time in over a year.
- This decline in hash rate is attributed to the growing pressure on Bitcoin miners, who are facing decreasing profitability due to the drop in Bitcoin's price and rising energy costs.
- As miners struggle to maintain profitability, some may be forced to shut down their operations, leading to a further decrease in the network's overall hash rate.