Some folks are saying that BTC's hash rate is about to break 1 ZH/s, which is bullish, but I think the opposite perspective is more intriguing.

In February, the difficulty spiked by 14.73% to 144.4T, setting a record for the largest single jump in history. But now? The hash rate has slipped back below 1 ZH/s, with the 24-hour hash rate on May 24 fluctuating between 899-958 EH/s, and the difficulty adjusting from 136.61T down to 133.06T. This marks the sixth downward adjustment this year, with only three upward adjustments, accumulating a 90-day drop of 4.29%.
This isn’t miners packing up—it's miners pivoting. A massive amount of hash power is shifting from mining coins to AI training, because the returns on selling hash power to AI companies far exceed those from mining. On the surface, it looks like hash power is declining, but in reality, capital is casting its vote with its feet.
$BTC is currently trading at $76,994, and the network's security remains solid, but the miner landscape has changed. It used to be "whoever has the most hash power calls the shots," but now it's "whoever can sell hash power and coins simultaneously will survive." This shift hasn't been priced in yet.#TradfiTradingChallenge