Over the past 6 months, Bitcoin has gone through an incredible drop in hashrate on the network. Almost all visible miners have shut off in China following the Bitcoin Mining Ban, and are in the process of going through a great migration. Some shut down and retired forever.
This change caused a big disruption in the block interval, but the antifragility of Bitcoin was made to respond to changes in the hashrate. Likely miners were notified beforehand which is why there are some visible changes in the Mean Block Interval in late April.
Since then, the block interval has stabilized back to around 10 minutes per block and the difficulty adjustment has seen its 9th consecutive increase due to more and more hashrate being plugged in.
Although there has been increase after increase in the difficulty adjustment, the Miner Revenue per Terahash has been steady and even higher than that of June or July 2021. This is in part due to the price recovery during the miner migration.
China has lost much hashrate and may never see it comeback, unless they decide to lift the mining ban. From the evidence shown in mining incentives around the world, Bitcoin miners bring a large energy stability to the country's infrastructure.
The reason is that Miners can turn on and off based on the grid demand, leaving room to support regional blackouts when a grid shuts off. It is yet to be seen if this large-scale mining ban will affect China's energy grid, but Bitcoin keeps moving forward unscathed.
