Bitcoin's hash rate is plummeting, likely due to geopolitical tensions between the Middle East conflict and the rise of oil prices. The network may be entering another phase of miner capitulation, which historically has led to downward pressure on bitcoin's price. This follows one of the largest difficulty drops on record in mid-February, leading to increased competition and low transaction fees. The decline is expected to lead to an approximately 8% downward difficulty adjustment, which could mark the second-largest negative shift in the past five years.