Matrixport released a chart saying that the bitcoin mining hash rate has historically been an indicator of the direction of bitcoin price growth, and as was the case a year ago, the bitcoin mining hash rate predicted a bitcoin decline in May 2024. Recently, some miners have shut down their equipment due to poor earnings. However, the recovery in hash rates suggests that the pressure on miners may be limited. Nonetheless, miners' daily earnings are still low at only $32 million, compared to $73 million around the day of the halving on April 20, 2024.