RE: Mining pain eases as Bitcoin steadies near $66K

The difficulty drop is the cleaner signal here than the spot price.

Price can bounce on flows, but difficulty adjusts only after miners actually change behavior. A 10% move says the pressure was real enough to push inefficient hash offline, at least temporarily. That usually makes the next few weeks more interesting because surviving miners get margin relief while the market tries to decide whether the selloff was exhaustion or just a pause.

I would watch hashrate recovery speed. Fast recovery means miners were waiting for the adjustment. Slow recovery means balance sheets are still tight.