Miners are in a world of hurt right now.
The price of bitcoin is too high for many to make it.
We are seeing them turn off their machines as hash rate drops.
We peaked in May have been down ever since.
(Source: https://x.com/BitcoinNewsCom/status/1806681455533465692/photo/1)
They need higher prices or cheaper electricity or both.
Hopefully higher prices come sooner rather than later.