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The March bitcoin crash meant that roughly 2.3m miners had gone offline and the hash rate was its lowest since September 2019. Since then, the hash rate has reached all-time highs, which also means increasing difficulty of mining new coins.
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“A price drop of this magnitude is likely to have seen numerous miners switch off operations — at least temporarily — as BTC mining suddenly became unprofitable. As the price of BTC dropped by 50%, miners saw their revenues shrink by a similar amount, with only the most efficient miners being able to absorb the cost. Whether these miners have been able to restart their operations or not remains in doubt.”
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